Telefonica to discuss Telecom Italia strategy

The chairman of Spanish telco Telefonica, Cesar Alierta, has arrived in Italy to hold talks with representatives of Telecom Italia, in which Telefonica has a 10% stake. Reports in the Italian press have suggested that Alierta is keen to increase Telefonica’s interest in Telecom Italia, though there has been no confirmation from the Spanish company. Other Telecom Italia shareholders, including the Fossati family and the Benetton group, are thought to be unhappy with the direction being taken by the firm’s CEO, Franco Bernabe. Bernabe is concentrating on developing Telecom Italia’s domestic businesses in an effort to curb spending and reduce debt, but others are calling for a more aggressive strategy to see the firm keeping up with the likes of Telefonica in the international arena.