MILAN Nov 11 Italian phone company Telecom
Italia said on Monday it confirmed a mandate to
management to finalise a sale of its stake in Telecom Argentina
The statement came after a board meeting of the Italian
incumbent called to discuss the sale.
Telecom Italia is in talks to sell a controlling stake in
Telecom Argentina to investment fund Fintech, as part of a new
strategy aimed at raising 4 billion euros ($5.36 billion) to
avoid a credit downgrade and revive its business.
Last week the Italian company said it received an $1 billion
offer for its stake.
Small investors association ASATI has criticised the
operation saying it would damage minority shareholders to the
benefit of core investor Telefonica.
The Spanish telecoms group has agreed to gradually take over
its Italian rival from next year.
($1 = 0.7459 euros)
(Reporting by Stephen Jewkes and Danilo Masoni)