Giovedì, 18 Ottobre 2018
MILAN

Telecom Italia considers integration with H3G

English
© ANSA

Milan, May 8 - Italy's largest telecommunication
provider Telecom Italia agreed in a board meeting Wednesday to
continue to discuss potential "integration" with Hong Kong
conglomerate Hutchison Whampoa.
Telecom Italia (TI) ended the first quarter of 2013 with a
net profit of 364 million euros, down about 40% from its 605
million euro profit reported in the same period last year, the
Milan-based company announced.
Revenue was down 8.1%, to 6.79 billion euros compared with
the 7.39 billion euros reported during the same period one year
earlier.
The Italian market was hit especially hard, as revenues at
home fell by 10.1% from the previous year.
Last month, Telecom Italia shares surged on Milan's
financial markets after it announced that Hutchison wanted a
controlling stake in the Italian company.
At that time, TI's board appointed a committee, led by
Chief Executive Officer Franco Bernabe, to explore a possible
linkup with the Hong Kong company.
That would include an examination of financial results,
Bloomberg reported.
However, a deal hinges on Hutchison gaining control of TI's
assets, which seems unlikely at present since Telecom Italia
controls the country's fixed-line telephone network, which is
considered a strategic national asset.
Still, TI officials have said they are looking into ways to
spin off the fixed-line network in order to meet Hutchison's
demands.

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