Telecom Italia chairman plans restructuring

10 Mar 2003

Telecom Italia chairman Marco Tronchetti Provera will on Wednesday announce wide-scale changes in the business structure at the former state owned monopoly, according to the Financial Times. Mr Tronchetti Provera will seek to eliminate two of the telco’s six holding companies in a bid to improve cashflow and reduce net debt in excess of EUR38.5 billion. The plan is expected to include the merger of Telecom Italia with Olivetti, the heavily indebted holding company which owns 55% of the telco.