Telecoms technology and software developer Italtel, the main equipment supplier for Telecom Italia, says that it has succeeded in reducing its debts over the past four years but continues to mull a possible IPO. A flotation could take place towards the end of this year or in early 2006, although German vendor Siemens, looking to boost its own telecoms revenues, has expressed an interest in taking control of the company. Italtel succeeded in reducing its borrowings from EUR500 million in 2000 to EUR275 million at the end of 2004, but still reported a EUR30.67 million loss for last year. It claims that its costs are under control and that it expects its overseas revenues to grow by more than 50% in 2005. Earlier this month the Italian press reported that Siemens had contacted Italtel with a view to buying the 48.7% stake in the company held by US fund Clayton Dubilier & Rice; the German vendor confirmed that it has had contact with Italtel but is stressing that it currently has no concrete plans for acquiring a stake.