Telecom Italia to hold strategy meeting on Thursday-source

MILAN Mon Nov 19, 2012 4:45am EST

MILAN Nov 19 (Reuters) - Telecom Italia's executive committee is expected to meet on Nov. 22 to consider a potential investment by Egyptian tycoon Naguib Sawiris and the spin-off of its fixed line network, a person familiar with the matter said on Monday.

Telecom's board in turn will discuss those matters on Dec. 6, along with a possible bid for Vivendi's Brazilian telecom operator GVT.

The debt-laden group has attracted attention from Sawiris, who could invest billions of euros by buying new shares in the company. Last week, Telecom Italia's chief operating officer Marco Patuano said Sawiris's offer was one option on the table for funding a GVT bid.

Telecom is also assessing whether to turn its fixed-line business into a new company and sell a stake in it to a state-owned fund.

The executive committee comprises Chairman Franco Bernabe, independent board member Elio Catania, key shareholder Telefonica's representative, Julio Linares Lopez, Vice-Chairman Aldo Minucci, Mediobanca's chairman Renato Pagliaro, independent board member Marco Sentinelli and Patuano.

The Telco consortium is Telecom's biggest shareholder, comprising Telefonica, Intesa Sanpaolo, Mediobanca and insurer Generali. (Reporting by Stefano Rebaudo; Writing by Jennifer Clark; Editing by Greg Mahlich)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.