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Article: Pirelli Mulls Telecom Italia Share Sale.
- Article from:
- TelecomWeb News Digest
- Article date:
- March 14, 2007
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Reports out of Italy say business conglomerate Pirelli may be readying the sale of its controlling interest in Telecom Italia following the blessing of Pirelli's board to do so.
Pirelli owns 80 percent of Olimpia, the holding company that has an 18- percent interest in Telecom Italia. In the past six years, Telecom Italia reportedly has cost Pirelli and fellow Olimpia shareholder the Benetton family some $4 billion. But there are apparent roadblocks to such a divestiture, even if Pirelli shareholders want it.
Earlier this month, Telecom Italia cut its revenue growth and profit forecasts for the second time in two years because of increased ...