Fecotel makes Entel bid

13 Aug 2004

Telecoms cooperative Fecotel has made a USD273 million offer for Telecom Italia’s 50% stake in national operator Entel. The offer includes USD160 million to buy back a number of Entel’s overseas investments. Fecotel is currently looking abroad for investors to help fund the bid. Whilst Entel has repeatedly claimed that it is not up for sale, Telecom Italia has so far remained tight-lipped about its intentions; Fecotel says that it expects a response to its offer within ten days.