Telefonica Hopes to Grab Controlling Stake in Telecom Italia

3:00 am on April 13, 2007 | Category: Business, Corporate

business.jpg

Spain’s incumbent telecom operator, Telefonica SA is hoping to counter AT&T’s bid for a controlling share of Telecom Italia, according to reports in the Corriere della Sera, a Spanish daily.

The newspaper claims that Telefonica is negotiating with Italian financiers, Intesa Sanpaolo and Mediobanca, to form a group of like-minded investors willing to purchase a 66% stake in Telecom Italia’s holding company, Olimpia, at the above-market price of €3 per share.

Pirelli & C SpA, which owns 80% of Olimpia, is currently holding exclusive talks with American telecom giant, AT&T and its Mexican affiliate America Movil. These negotiations, which are set to last until the end of April, are based on a price of €2.82 per share, minus Olimpia’s net debt.

Related Articles:

    None Found

    No Comments yet »

    RSS feed for comments on this post.

    Leave a comment

    XHTML: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>


    Published by TeleClick Enterprises
    Edited by Jeremy Maddock