Telecom Italia: Network Spin off Rumors 'Groundless'
September 19 2017 - 3:50AM
Dow Jones News
By Pietro Lombardi
Telecom Italia SpA (TIT.MI) late on Monday denied press
speculation about a spin off or sale of its network, labeling such
rumors as "completely groundless."
The network is a strategic asset for the company and its
industrial plan, Telecom said.
Vivendi SA (VIV.FR), which has a 23.9% stake in the former
Italian telephone monopoly, last week said it would appeal a
decision by Italy's securities market regulator which deemed that
the French media group has de facto control over Telecom
Italia.
Vivendi has previously acknowledged that it directs and
coordinates activities at Telecom Italia, but denied having de
facto control under Italian law. Vivendi appointed the majority of
Telecom's board and in June it's chief executive Arnaud de
Puyfontaine became Telecom Italia's executive chairman.
The ruling by Consob, the Italian watchdog, could have
consequences for the French group, among which might be the
consolidation of Telecom Italia's debt on Vivendi's own balance
sheet. Telecom Italia said it had adjusted net financial debt of
25.1 billion euros ($29.9 billion) at June 30.
Write to Pietro Lombardi at
pietro.lombardi@dowjones.comVivendi
(END) Dow Jones Newswires
September 19, 2017 03:35 ET (07:35 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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