Economic news

Italy seeks new options for TIM with network bid seen on hold

2022.11.29 05:04



© Reuters. FILE PHOTO: The Tim logo is seen at its headquarters in Rome, Italy November 22, 2021. REUTERS/Yara Nardi/File Photo

MILAN (Reuters) – Italy is working to find by the end of the year the best market-friendly options for struggling Telecom Italia (BIT:) (TIM), signaling that a planned bid for the phone group’s landline grid by state lender CDP has been put on hold.

A deadline for CDP to submit its offer, part of a broader project to combine TIM’s network assets with those of smaller rival Open Fiber to create a unified broadband champion under CDP’s control, expires on Wednesday.

Rome aims to kick off talks to set out by Dec. 31 the “best viable market solutions” to maximise the interests of the country, the companies and their shareholders and stakeholders, Industry Minister Adolfo Urso and cabinet undersecretary Alessio Butti said in a statement on Tuesday.

The statement also reiterated that Rome was keen to secure control of TIM’s network.

A government source said Prime Minister Giorgia Meloni had put CDP’s bid on hold.

Marking a break with the past, Meloni on Friday entrusted the government’s broadband strategy to Butti, who has openly criticised CDP’s plans for TIM.

Butti has called instead on Treasury-owned CDP to take over cash-bleeding TIM in full to then sell its service operations, including its Brazil-listed unit.

Economy Minister Giancarlo Giorgetti this month said Butti’s plans required extensive discussions within the government, which had “several options” to secure control of TIM’s network.

TIM, which is expected to hold a board meeting on Wednesday to discuss governance issues, had no immediate comment.

Its shares were down 1% by 0900 GMT, compared with a flat Milan blue chip index.



Source link

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 98,718.45 0.30%
ethereum
Ethereum (ETH) $ 3,345.58 0.74%
tether
Tether (USDT) $ 1.00 0.04%
solana
Solana (SOL) $ 257.65 1.86%
bnb
BNB (BNB) $ 645.25 1.40%
xrp
XRP (XRP) $ 1.55 10.51%
dogecoin
Dogecoin (DOGE) $ 0.443063 12.18%
cardano
Cardano (ADA) $ 1.08 23.74%
usd-coin
USDC (USDC) $ 1.00 0.06%
staked-ether
Lido Staked Ether (STETH) $ 3,344.12 0.77%
avalanche-2
Avalanche (AVAX) $ 44.59 22.82%
tron
TRON (TRX) $ 0.206889 2.98%
shiba-inu
Shiba Inu (SHIB) $ 0.000027 9.56%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 98,663.43 0.05%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,971.84 0.54%
the-open-network
Toncoin (TON) $ 5.55 0.06%
stellar
Stellar (XLM) $ 0.43431 51.69%
bitcoin-cash
Bitcoin Cash (BCH) $ 534.49 8.50%
chainlink
Chainlink (LINK) $ 16.68 10.46%
polkadot
Polkadot (DOT) $ 7.28 17.96%
sui
Sui (SUI) $ 3.54 2.51%
weth
WETH (WETH) $ 3,344.48 0.68%
pepe
Pepe (PEPE) $ 0.000021 3.93%
leo-token
LEO Token (LEO) $ 8.51 2.67%
litecoin
Litecoin (LTC) $ 101.23 12.19%
near
NEAR Protocol (NEAR) $ 6.15 6.43%
aptos
Aptos (APT) $ 12.60 4.12%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,521.37 0.68%
uniswap
Uniswap (UNI) $ 10.18 8.82%
hedera-hashgraph
Hedera (HBAR) $ 0.149371 14.75%
internet-computer
Internet Computer (ICP) $ 11.07 14.92%
usds
USDS (USDS) $ 0.996313 0.41%
crypto-com-chain
Cronos (CRO) $ 0.188852 3.89%
ethereum-classic
Ethereum Classic (ETC) $ 29.20 4.97%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.523655 12.03%
render-token
Render (RENDER) $ 7.64 3.17%
kaspa
Kaspa (KAS) $ 0.156344 3.80%
bittensor
Bittensor (TAO) $ 524.32 2.90%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.03%
bonk
Bonk (BONK) $ 0.000049 5.69%
whitebit
WhiteBIT Coin (WBT) $ 24.64 0.66%
mantra-dao
MANTRA (OM) $ 3.91 0.44%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.32 3.06%
dai
Dai (DAI) $ 0.99979 0.04%
arbitrum
Arbitrum (ARB) $ 0.812249 4.93%
dogwifcoin
dogwifhat (WIF) $ 3.28 2.78%
vechain
VeChain (VET) $ 0.039537 22.12%
blockstack
Stacks (STX) $ 2.04 4.73%
cosmos
Cosmos Hub (ATOM) $ 7.77 18.56%
monero
Monero (XMR) $ 163.60 2.01%