MILAN Nov 13 Italy's market regulator Consob,
helped by tax police officials, was carrying out an inspection
of Telecom Italia's offices in Milan and Rome on
Wednesday, a source close to Consob said, confirming Italian
"The inspection relates to developments stemming from the
Nov. 7 board meeting," the source told Reuters.
On Nov. 7, the board of Telecom Italia approved wide-ranging
plans to sell assets, including its Argentine unit, and issued a
convertible bond, aiming to raise around 4 billion euros to
stave off a credit rating downgrade and strengthen operations in
Italy and Brazil.
The source said the visit was undertaken on Consob's
initiative and did not mean that magistrates had opened an
Telecom Italia and Consob could not immediately be reached
The business plan by Telecom Italia has been criticised by
some minority investors who accuse it of only look after the
interests of its main shareholders.
(Reporting by Paola Arosio; editing by Emilio Parodi)