Tough call

29 January 2010 By Fiona Maharg-Bravo

Speculation that the Spanish telecoms group might acquire Telecom Italia has flared up again. Some of TI’s shareholders seem amenable to the idea. But most Italian politicians are resistant. Without their blessing, the prospect of a tieup looks highly unlikely.

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Telecom Italia's second biggest shareholder would be open to a deal with Spain's Telefonica, according to Bloomberg.

Marco Fossati, whose family holding company Findim Group owns 5 percent of Telecom Italia, said he would support a proposal from Telefonica.

"A true, full merger between the two companies would have immense industrial value and generate significant synergies," Bloomberg reported Fossati saying.

On Jan. 22, Telefonica and the shareholders of Telco, Telecom Italia's largest shareholder, denied a report that Telefonica was preparing a bid for Telecom Italia. Telco owns 22.45 percent of Telecom Italia.

Telco is 40 percent owned by Telefonica. The rest of Telco is owned by Italian groups including Assicurazioni Generali, Mediobanca, Intesa SanPaolo and the Benetton family.

Context News

Telecom Italia's second biggest shareholder would be open to a deal with Spain's Telefonica, according to Bloomberg.

Marco Fossati, whose family holding company Findim Group owns 5 percent of Telecom Italia, said he would support a proposal from Telefonica.

"A true, full merger between the two companies would have immense industrial value and generate significant synergies," Bloomberg reported Fossati saying.

Telco is 40 percent owned by Telefonica. The rest of Telco is owned by Italian groups including Assicurazioni Generali, Mediobanca, Intesa SanPaolo and the Benetton family.

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