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Tag: telecom italia
Telecom Italia independent directors to vet any Brazil sale
2014-01-17 13:13:06| Telecom - Topix.net
Wireless carrier TIM Brazil is Telecom Italia's main source of growth but has become the focus of a shareholder dispute over how the Italian telecoms group should cut debt and fund much-needed domestic investment.
Tags: sale
independent
italia
brazil
Telecom Italia to set up committee to evaluate Brazil sale
2014-01-17 09:32:00| Telecompaper Headlines
(Telecompaper) Telecom Italia announced its intention to put in place controls to vet eventual deals involving TIM Brasil, specifying that there is no current bid for the company's prized Brazilian unit or any plans to sell it. The controls would take the form of an "ad hoc procedure, in line with that for operations with related parties", said the company in a statement following a board meeting held on 16 January. Directors also decided to set up a group to evaluate changes to the company's bylaws, and said that both the Brazilian issue and governance matters will be further discussed at another board meeting on 06 February. The main outcome of the meeting is that any possible future sale of TIM Brasil could need approval at a special shareholders' meeting where Telefonica, if identified as a related party, would be left out of the vote. However, such a review by independent directors could shield Telecom Italia from accusations of conflict of interest. Telefonica currently controls Telecom Italia together with three Italian partners via a 22.4 percent stake held in investment vehicle Telco. Sources close to the matter have said Telefonica is looking to break up TIM Brasil and divide its assets between itself and the other two mobile operators in Brazil to circumvent antitrust issues.
Tags: set
sale
italia
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Telecom Italia CEO backs plan to curb major holder Telco's power
2014-01-16 01:00:00| Total Telecom industry news
Activist investor Marco Fossati calls for bylaw changes; claims TIM Brasil could be worth more than $40 billion.
Telefonica Denies Telecom Italia Brazil Unit Deal
2014-01-06 12:12:54| Telecom - Topix.net
Spanish telecom giant Telefonica SA has denied a press report that it is preparing a sale of Telecom Italia SpA's Brazilian unit, amid mounting speculation of possible telephony market consolidation in Latin America's largest economy.
Telecom Italia board survives vote by slim majority
2013-12-23 09:52:00| Telecompaper Headlines
(Telecompaper) Telecom Italia's shareholders rejected an attempt by dissident investors to remove the current board of directors at a meeting on 20 December. According to a company statement, around 50.3 percent of shareholders present at the eight-hour meeting voted against the proposal of the Findim Group of rebel investor Marco Fossati to dismiss the board, with 42.3 percent backing the motion and 7.4 percent abstaining. In total, 54.26 percent of the company's shareholders attended the meeting.
Tags: board
vote
italia
majority
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