Telefonica chairman seeks to ease Italian fears over TI stake raise

Telecom Italia (TI) will ‘remain an Italian company’ and investments in technology and employment levels will be guaranteed, the chairman of Spanish giant Telefonica has asserted. Following a meeting with Italian Prime Minister Enrico Letta yesterday, Cesar Alerta told Reuters that the Spanish group would ensure continued investments in fibre-optic and 4G Long Term Evolution (LTE) technology. Last month Telefonica agreed a deal to raise its stake in Telco Holding, an investment vehicle jointly controlled by itself and a number of Italian financial groups; Telco controls TI with a 22.39% stake.