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Telecom Italia chairman could resign report

2013-09-28 16:03:00| Telecompaper Headlines

(Telecompaper) Telecom Italia Chairman Franco Bernabe is considering resigning at a board meeting scheduled for 03 October, a source close to the situation said. The source told Reuters, "We are heading towards a resignation." Bernabe has spoken out against possible plans by Telefonica to sell some of the company's most valued assets once it gains control of its Italian rival. A second person familiar with the situation said COO Marco Patuano could take up Bernabe's powers to ensure management continuity and that its core shareholders would name a new chairman with a broadly representative role. Poste Italiane CEO Massimo Sarmi is the candidate favored by the Telco shareholders as Bernabe's replacement, people familiar with the matter told Bloomberg. Bernabe is expected to present a strategic plan to the board on 03 October that may include a capital increase of up to EUR 5 billion to cut debt and fund investments. However the board is thought to be divided, as its core investors are reluctant to inject fresh cash into the company. In a parliamentary hearing earlier, Bernabe said Telecom Italia needed to raise fresh capital to avoid a credit rating downgrade to 'junk' status and that the best way would be through a capital increase.

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Telecom Italia chief Bernabe considering resigning: source

2013-09-28 03:15:43| Telecom - Topix.net

Behind the scenes at Google as the company marks the 15th anniversary of the collaboration of Larry Page and Sergey Brin in a Menlo Park garage in September 1998.

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UPDATE 3-Telefonica faces opposition to Telecom Italia plans

2013-09-26 01:24:11| Telecom - Topix.net

Telecom Italia's chairman, its independent directors and Italian politicians spoke out on Wednesday against suspected plans by top shareholder Telefonica to sell some of the company's most valued assets once it has won control.

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Telefonica, Telecom Italia may be forced to sell some Brazil assets

2013-09-25 02:00:00| Total Telecom industry news

Spanish operator's deal with Telco causes competition concern for Brazilian comms minister.

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Telefonica strengthens grip on Telecom Italia: source

2013-09-24 05:41:49| Telecom - Topix.net

Spanish telecoms company Telefonica has agreed to hike its stake in rival Telecom Italia , a source close to the deal said, ending months of speculation on the future of the debt-laden Italian group and opening the way to asset sales.

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