Banks look to take control at Telecom Italia

11 Apr 2007

Reports from Italy suggest that a group of local banks are looking to form a consortium which would become the largest shareholder in the country’s dominant telco, Telecom Italia. Intesa Sanpaolo and Mediobanca are hoping to gather together other local investors to win control of up to 29.9% of the operator, local business daily Milano Finanza reports. The consortium may include AT&T Inc and América Móvil, which are looking to take 33% each in Olimpia, a holding company which has an 18% stake in Telecom Italia; the Olimpia stake is being sold by Italian industrial group Pirelli. Other firms linked with the consortium include Assicurazioni Generali and Banca Monte dei Paschi di Siena.

Italy, Telecom Italia (TIM)