MILAN, March 27 Telecom Italia has
rejected a request by investor Findim, who owns 5 percent in the
group, to discuss possible actions to revive the group at next
shareholder meeting, Findim said in a statement.
Luxembourg-based Findim, headed by businessman Marco
Fossati, on Wednesday said Chairman Franco Bernabe had rejected
its request to integrate the agenda of the April 17 shareholder
meeting with proposals including mandating the board to develop
actions to support the company and boost its share price.
Fossati said results in the last six years have been
disappointing and repeated failure to meet targets and dividend
erosion have led the market to penalise the stock, which has
fallen to 0.60 euro per share from 2.20 euros in 2006.
"We are certainly not satisfied, no one is satisfied,"
Fossati said in his request to Telecom Italia.
Fossati, who is not part of the Telco investor group
controlling Telecom Italia, said the company needed new strategy
and possibly a new management, adding that the stock could
benefit from opening up the capital to investors outside Europe,
provided they do not take a controlling stake.
(Reporting By Danilo Masoni, editing by Antonella Ciancio)