Telecom IT board expected to meet again on Oct 3-sources
MILAN, Sept 16
MILAN, Sept 16 (Reuters) - Board members at Telecom Italia are expected to reconvene on Oct. 3, two sources said on Monday, following a crucial meeting this week to assess strategic options including a possible new partner for the Italian telecoms incumbent.
"There is a board meeting scheduled for October 3rd", a source close to Telecom Italia's holding company Telco said.
A second source close to Telco said a board meeting on that date was "likely, but had not been called yet."
Telecom Italia holds a board meeting on Thursday, at which Spain's Telefonica is expected to present a proposal to buy out fellow shareholders in the telecoms group.
Telecom, which is trying to stave off a downgrade of its nearly 29 billion euro debt to junk, is at the centre of intense speculation about possible new investors.
Its core shareholders include Telefonica, Italian banks Intesa Sanpaolo and Mediobanca, insurer Assicurazioni Generali. They own Telco, a holding company that controls 22 percent of Telecom.
A union official has said Telecom Italia's Executive Chairman Franco Bernabe will present an investment plan on Sept. 19 which could require a cash injection.
Bernabe is also expected to outline proposals for a possible partner.
Sources said last week that the board would have to take some time to assess any new proposal on a new partner or business plan. (Reporting by Paola Arosio and Robert Hetz, additional reporting by Danilo Masoni, writing by Valentina Za, editing by Francesca Landini)
- Cortege departs to take Mandela's body to lie in state |
- U.S. Mega Millions lottery up to $344 million, fourth biggest in its history
- Uruguay becomes first country to legalize marijuana trade
- UPDATE 1-U.S. Mega Millions lottery up to $344 million, fourth biggest in its history
- Ukrainian riot police clash with protesters in Kiev square