💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

State lender says doesn't rule out investing in Telecom Italia

Published 12/17/2015, 01:04 PM
Updated 12/17/2015, 01:30 PM
© Reuters. People walk past a Telecom Italia phone booth in Rome
TLIT
-
VIV
-

ROME (Reuters) - Italian state lender Cassa Depositi e Prestiti does not rule out investing in Telecom Italia (MI:TLIT) if talks between the latter and CDP-controlled firm Metroweb over joining forces to build an ultrafast nationwide fiber optic network succeeds, its chairman said.

Metroweb, a small fiber optic company controlled by infrastructure fund F2i and CDP, has long been seen as the corporate vehicle for realizing the Italian government's multi-billion-euro plan for the nationwide fiber network.

The plan has initially stalled due to difficulties in bringing the former monopoly network operator Telecom Italia on board, but talks between the two companies have picked up again in recent weeks.

CDP Chairman Claudio Costamagna said on Thursday that Telecom Italia and Metroweb were in talks on bringing the ultrafast network to 250 Italian towns and should the project succeed, it could lead to "moves on shareholder structure".

Costamagna declined to clarify whether this meant CDP taking a stake in Telecom Italia.

"I am used to acting first and then talking about what I have done," he told reporters during a presentation of the lender's new business plan.

Telecom Italia has attracting the interest of various foreign investors this year, led by French media group Vivendi (PA:VIV) with a 20.5 percent stake, while French telecoms entrepreneur Xavier Niel has acquired call options on shares relating to just over 15 percent.

© Reuters. People walk past a Telecom Italia phone booth in Rome

This week Vivendi cemented its interest in the Italian company by winning a vote to appoint four representatives to its board, giving it a direct say over its strategy.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.