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Italy regulator visits Telecom Italia offices - source
November 13, 2013 / 1:05 PM / 4 years ago

Italy regulator visits Telecom Italia offices - source

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MILAN, Nov 13 (Reuters) - 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 media reports.

"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 investigation.

Telecom Italia and Consob could not immediately be reached for comment.

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)

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