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Nuclear deal must await new Iran gov't -IAEA exec tells paper
  + stars: | 2021-06-16 | by ( ) www.reuters.com sentiment -0.98   time to read: +1 min
An Iranian flag flutters in front of the International Atomic Energy Agency (IAEA) headquarters in Vienna, Austria, September 9, 2019. REUTERS/Leonhard Foeger/File PhotoMILAN, June 16 (Reuters) - Reviving the 2015 Iran nuclear accord will have to await the formation of a new Iranian government, the head of the U.N. nuclear watchdog said in remarks published on Wednesday, adding a deal needed political will from all parties. Grossi, director-general of the International Atomic Energy Agency (IAEA), appeared to be referring to Iran's presidential elections, due on Friday. The sixth round of talks to revive the deal resumed in Vienna on Saturday between Iran and world powers. read moreThe IAEA does not take any direct part in the negotiations but has been called on to verify them and continue inspections in the country.
Persons: Leonhard Foeger, MILAN, Rafael Grossi, Hassan Rouhani, Grossi, Stephen Jewkes, William Maclean Organizations: International Atomic Energy Agency, IAEA, REUTERS, Repubblica, Thomson Locations: Vienna, Austria, Iran
REUTERS/Gonzalo Fuentes/File PhotoItaly aims to spur total investments of more than one billion euros ($1.22 billion) to build an electric car battery factory with car maker Stellantis (STLA.MI) expected to play a leading role, three government sources told Reuters. But it is confident this could trigger further investments from industrial and financial partners to bring the total to more than one billion euros, the sources said. The document targets some 1.8 billion euros in funding by that date though one ministry source said this was unlikely. Stellantis, the world's fourth largest carmaker, currently has two gigafactory projects in Europe, in France and in Germany, with overall investments of 5 billion euros. read more"There's a lot of competition... we'll have to offer a strong strategy and a credible team," the ministry source said.
Persons: Gonzalo Fuentes, Stellantis, Roberto Cingolani Organizations: REUTERS, Reuters, Funds, Fiat Chrysler, PSA, Energy, ACC, Thomson Locations: Saint, Yvelines, Paris, France, Italy, Brussels, Rome, Europe, Germany, United States, Spain
REUTERS/Arnd Wiegmann/File PhotoBP (BP.L) and Eni (ENI.MI) are in talks over the future of their oil and gas assets in Algeria as the two groups increase efforts to refocus their businesses to tackle falling margins, rising debt and climate pressures, three sources said. read moreThe sources, asking not to be named, said BP and Eni are in early-stage talks for the Italian group to take over BP's assets in Algeria. For Eni, the biggest foreign oil and gas producer in Africa with strategic interests in Libya and Egypt, acquiring BP's assets would turn Algeria into a hub. Eni, which has long-term gas import contracts in the country, produced 81,000 barrels of oil equivalent per day in 2020, including 152.5 mcf of gas. BP and Eni have set out plans to transform their businesses in the coming decades, shifting away from oil and gas to renewable energy, power markets and low-carbon businesses.
Persons: Arnd, BP, Nour Organizations: BP, REUTERS, Eni, LNG, Thomson Locations: Kloten, Switzerland, Algeria, Angola, Mozambique, Angolan, Africa, Libya, Egypt, of Mexico
Cassa Depositi e Prestiti (CDP), together with Blackstone and Macquarie, put forward an offer valuing Atlantia’s Autostrade per l’Italia unit at 9.3 billion euros ($11 billion) last month. Proxy advisers have recommended investors in Atlantia give their go-ahead to the sale of the infrastructure group’s 88% stake in Autostrade to the CDP consortium. “A broad backing is expected at today’s shareholders meeting”, one of the sources said on Monday. The activist fund has repeatedly criticised the deal, saying Autostrade is worth no less than 11 billion euros. Shares in Atlantia were up 2.8% at in mid-day trading, outperforming a 0.3% rise in Milan’s blue chip index.
Persons: Cassa, Benetton, Autostrade, Florentino Perez Organizations: MILAN, TCI, Germany’s Allianz, EDF Invest, Fund Locations: Blackstone, Macquarie, Genoa, Atlantia, Autostrade, Italy’s, Spanish
FILE PHOTO: The logo of Italian infrastructure group Atlantia is seen outside its headquarters in Rome, Italy, October 5, 2020. REUTERS/Guglielmo Mangiapane/File PhotoCassa Depositi e Prestiti (CDP), together with Blackstone and Macquarie, put forward an offer last month valuing Atlantia’s Autostrade per l’Italia unit at 9.3 billion euros ($11 billion). Atlantia is now expected to summon a board meeting on June 10 to rubber stamp its investors’ decision. The sale will free up capital and management time for the group to pursue new initiatives after nearly three years of impasse. Atlantia shares were up 3.2% at 1350 GMT, outperforming a 0.3% rise in Milan’s blue chip index.
Persons: Guglielmo Mangiapane, Benetton, Glass Lewis, Spain’s Florentino Perez Organizations: MILAN, Monday, REUTERS, Reuters, Investor, Atlantia, TCI, Real Madrid, Germany’s Allianz, EDF Invest, Fund Locations: Rome, Italy, Blackstone, Macquarie, Genoa, Autostrade
Cassa Depositi e Prestiti (CDP), together with Blackstone and Macquarie, put forward an offer valuing Atlantia’s Autostrade per l’Italia unit at 9.3 billion euros ($11 billion) last month. Proxy advisers have recommended investors in Atlantia give their go-ahead to the sale of the infrastructure group’s 88% stake in Autostrade to the CDP consortium. “No surprises are expected (at the AGM) after the proxy advisers backed the deal,” one of the sources with knowledge of the matter told Reuters. The activist fund has repeatedly criticised the deal, saying Autostrade is worth no less than 11 billion euros. Shares in Atlantia are up 3.2% at 0825 GMT, outperforming a 0.3% rise in Milan’s bluechip index.
Persons: Cassa, Benetton, Autostrade Organizations: MILAN, Reuters, TCI, Germany’s Allianz, EDF Invest, Fund Locations: Blackstone, Macquarie, Genoa, Atlantia, Autostrade, Italy’s
Police and rescue service members are seen near the crashed cable car after it collapsed in Stresa, near Lake Maggiore, Italy May 23, 2021. ITALIAN POLICE/Handout via REUTERSAn Italian judge ruled late on Saturday that three men detained over a cable car crash that killed 14 people in northern Italy could leave prison, with one of them being placed under house arrest. In the crash a week ago, the gondola on a cable way connecting the Lake Maggiore resort town of Stresa to a nearby mountain plunged to the ground, killing all aboard apart from a five-year-old Israeli boy who remains in hospital. Leaving Verbania prison on Saturday night, Perocchio told reporters that he had no idea that the brakes that should have prevented the gondola from crashing when the cable gave way had been blocked. Nerini's lawyer, Pasquale Pantano, told reporters on Saturday night the release was welcome news but the main thing was to find out who was responsible for the disaster.
Persons: Donatella Banci Buonamici, Gabriele Tadini, Sunday's, Tadini, Marcello Perillo, Perillo, Olimpia Bossi, Luigi Nerini, Enrico Perocchio, Bossi, Perocchio, I've, Pasquale Pantano Organizations: Police, Prosecutors, della Sera, Reuters, Thomson Locations: Stresa, Lake Maggiore, Italy, Italian, Verbania
FACTBOX-State lending giant CDP towers over Italy Inc
  + stars: | 2021-05-27 | by ( Reuters Staff | ) www.reuters.com + 0.00   time to read: +3 min
Dario Scannapieco, a former adviser to Prime Minister Mario Draghi, will be the new head of CDP, replacing current CEO Fabrizio Palermo. CDP invests savings made by Italians through the national post office network Poste Italiane but its debt is not booked as part of Italy’s mammoth public debt pile. The fund will be financed by the Treasury via specifically issued sovereign bonds, and managed by CDP. The state investor, which owns a 50% stake in broadband infrastructure operator Open Fiber, is set to buy an additional 10% stake later this year. With nearly 8% of Euronext, CDP has the same stake as its French counterpart Caisse des Depots.
Persons: Dario Scannapieco, Mario Draghi, Fabrizio Palermo, Francesca Landini, Stephen Jewkes, Giuseppe Fonte, Elvira Pollina, Pravin Char Organizations: Treasury, Reuters, SIA, Nets, Eni, Telecom Italia, Vivendi, Milan’s bourse, Borsa Italiana, London Stock Exchange, French, Caisse des Locations: Autostrade, Genoa, Nexi, Milan’s
REUTERS/Stefan WermuthBP (BP.L) and Eni (ENI.MI) said on Wednesday they had entered into talks to merge their oil and gas operations in Angola to form one of Africa's largest energy companies. Spinning off oil and gas assets is seen as a way for BP and Eni to squeeze more out of their oil and gas assets as the two companies prepare to shift towards renewable energy. The two companies have successful joint ventures in Norway, which serve as a model for the Angolan model. Reuters reported last month that Eni was considering spinning off oil and gas operations in West Africa and the Middle East into new joint ventures to help reduce debt and fund its shift to low-carbon energy. read moreOil and gas production from both Angolan portfolios would reach around 200,000 barrels of oil equivalent per day, BP and Eni said in a statement.
Persons: Stefan Wermuth BP, Jason Kenney, Eni, Gordon Birrell Organizations: REUTERS, Eni, BP, JV, Reuters, Thomson Locations: London, Angola, Norway, Angolan, Santander, West Africa, Saharan Africa
International Shareholder Services (ISS) has recommended shareholders support the sale of infrastructure group Atlantia's 88% stake in Autostrade per l'Italia to the consortium. The CDP-led consortium has been negotiating to buy the Autostrade stake since last year as Atlantia tried to end a dispute triggered by the 2018 collapse of a bridge in Genoa run by the motorway operator, which killed 43 people. These include activist hedge fund TCI which has said Autostrade is worth no less than 12.5 billion euros. Germany’s Allianz and funds DIF, EDF Invest and China’s Silk Road Fund own 12% of Autostrade. In its report, ISS said the CDP price was below fair value, assuming a settlement and clear regulatory and tariff conditions, but added that this was not currently achievable.
Persons: Edizione, Kepler, Atlantia, Blackstone Organizations: International Shareholder Services, Reuters, Benetton, TCI, Germany’s Allianz, EDF Invest, Fund, ISS, Thomson Locations: Autostrade, Genoa, Macquarie
The deal is expected to value Edison’s entire renewable energy generation business at more than 1 billion euros ($1.22 billion), the sources said. The stake sale will allow Edison to fully support its green energy operations as owner EDF has made no financial commitment to expand its Italian unit because of investment priorities elsewhere across its sprawling business, the sources said. Edison is fully focused on renewable power and energy efficiency after selling almost all its upstream exploration and production assets. The E2i deal transformed Edison into Italy’s second-biggest wind operator with an overall wind and solar capacity of more than one gigawatt. Italian state-owned energy group Eni is also reviewing strategic options to list or sell a minority stake in a new retail and renewable energy business as part of its energy transition plans.
Persons: Edison, Stephen Jewkes, Pamela Barbaglia, Richard Chang Organizations: MILAN, Edison, France’s EDF, Lazard, Societe Generale, EDF, E2i Energie, Eni, Jefferies analysts Locations: E2i Energie Speciali, Italy, Italy’s
Italy's Generali jumps on e-scooter growth with Ridemovi stake
  + stars: | 2021-05-10 | by ( Reuters Staff | ) www.reuters.com + 0.99   time to read: +1 min
MILAN, May 10 (Reuters) - Italy’s biggest insurer Generali has bought a stake in Ridemovi, which offers bicycle and electric scooter sharing services, to help it expand in Italy, Spain and beyond. Ridemovi, which operates micro-mobility services in 17 Italian and Spanish cities, said on Monday that Generali had bought the undisclosed sized stake through a specialized fund. Ridemovi already operates some 30,000 bicycles, e-bikes and e-scooters and said in a statement on Monday that the Generali investment through Ocorian Fund Management would help it grow to 70,000, mainly electric vehicles. “Ridemovi is the leading Italian company in the micro-mobility sector and has developed a very efficient and scalable business model,” said Generali Investments’ portfolio manager Stefano Ferrari. Insurers around the world are coming under increasing pressure to ramp up action to mitigate climate change and adopt climate-friendly initiatives.
Persons: Generali, Ridemovi, , Stefano Ferrari, Stephen Jewkes, Alexander Smith Organizations: MILAN, Italy’s, Ocorian Fund Management Locations: Ridemovi, Italy, Spain, Europe
FACTBOX-Italy's superfast broadband roll-out: the issues
  + stars: | 2021-05-06 | by ( Reuters Staff | ) www.reuters.com + 0.00   time to read: +4 min
MILAN, May 6 (Reuters) - Italy wants to speed up the roll-out of all-fibre ultrafast broadband coverage to boost productivity and close a gap with major European rivals. Rome has yet to decide if it plans to pursue a long-standing project of a single broadband network or find alternative ways to boost connectivity, with several ministers holding different positions on the issue. Almost a fifth (17%) of Italians have never used the web and only 13% of households subscribe to superfast broadband connections of at least 100 megabytes. But it is 22nd among 27 EU states for the roll-out of superfast broadband. * Open Fiber (OF): The wholesale-only broadband operator, jointly owned by state lender Cassa Depositi e Prestiti (CDP) and utility Enel, was set up in 2016 to speed up fibre rollout across Italy.
Persons: Mario Draghi, Swisscom’s Fastweb, Macquarie, Daniele Franco, AccessCo, Giancarlo Giorgetti, Vittorio Colao, Agnieszka Flak, Elvira Pollina, Giuseppe Fonte, Stephen Jewkes, Keith Wei Organizations: MILAN, Telecom, KKR, TIM, Economy, Vivendi, Industry, FiberCop, TELCO, Reuters, OF, Vodafone Locations: Italy, Rome, European, U.S
Italy promises "brutal" cuts to red tape delaying renewable energy projects
  + stars: | 2021-05-05 | by ( Stephen Jewkes | ) www.reuters.com sentiment -0.99   time to read: +2 min
REUTERS/Guglielmo MangiapaneItaly is set to introduce a series of measures to cut red tape to simplify the permissioning process for new renewable energy projects, Ecology Transition Minister Roberto Cingolani said on Wednesday. Italy's byzantine authorisation process has slowed down the rollout of new green energy schemes, jeopardising access to EU recovery funds and the achievement of climate targets. He said the government would decide on Thursday whether the decree at first would regard only energy transition or whether it would be broader. In its last energy plan presented at the end of 2019 Italy set a target of 65 GW of new green capacity over 10 years. Cingolani, appointed energy transition minister in the government of Mario Draghi this February, said Italy would be ready to unveil its new energy strategy plan by the end of June.
Persons: Guglielmo Mangiapane, Roberto Cingolani, Cingolani, Mario Draghi, Draghi Organizations: REUTERS, Thomson Locations: Rome, Italy, Guglielmo Mangiapane Italy, Brussels
MILAN (Reuters) -Ferrari pushed back its profit target for next year after delaying investments and some deliveries in the pandemic, but stuck to its timetable for a first electric car by 2025. Slideshow ( 2 images )The luxury carmaker famed for its ‘Cavallino Rampante’, or ‘Prancing Horse’, badge had predicted adjusted core earnings of 1.8-2.0 billion euros ($2.2-$2.4 billion) in 2022. “This has raised concerns that the COVID-19 impact on the company could be greater than expected,” he said. Morgan Stanley analysts said the delayed guidance did not change Ferrari’s long term challenges, such as the industry shift towards electric vehicles. It “leaves plenty of room for new management to discuss the potential beyond 2023 including an expanded model range,” they said.
Persons: John Elkann, Elkann, , , Italy’s Agnelli, Morgan Stanley, Ferrari, Louis Camilleri Organizations: MILAN, Ferrari Locations: Milan
Mario Draghi's government aims to submit the 273-page document to Brussels on Friday to obtain more than 200 billion euros ($242 billion) from the kitty aimed at making the bloc's 27-member states more ecological, digital and resilient. But ecological lobbyists and think tanks say Italy's plan does not meet the threshold. "A not very green Plan," is the headline of a report by Greenpeace Italia, which gathered outside parliament this week with other Green advocates to protest against what they see as a lack of ambition on the environment. Electric transport is also a cornerstone of the Spanish plan, which dedicates 6.5 billion euros to "sustainable, secure and connected mobility" in cities. ECCO also accuses the government of having "no strategy for renewable energy."
Persons: Mario Draghi's, Giuseppe Conte, Draghi, Roberto Cingolani, Matteo Leonardi, ECCO, reckons, Enel, Cingolani, Leonardo, Enrico Giovannini Organizations: European, EU, Greenpeace Italia, Green, European Commission, Reuters, Fund, European Central Bank, Thomson Locations: Italy, Brussels, Europe, Rome, Germany
Italy's Eni to shed retail-renewable energy stake
  + stars: | 2021-04-30 | by ( Reuters Stephen Jewkes | Stephen Jewkes | ) www.reuters.com sentiment -1.00   time to read: +2 min
Eni said in a statement it planned to list or sell a minority stake in the business that includes renewable energy and retail energy sales next year, confirming a Reuters report from March. In the first quarter, Eni said its adjusted net profit jumped almost five times to 270 million euros ($327 million) as firmer oil prices offset lower production. Cash flow from operations fell 12% to 1.6 billion euros. Pandemic lockdowns throttled fuel demand last year prompting energy groups like Eni to rein in investments and returns. But Europe's energy companies have this year posted increased earnings boosted by higher oil prices.
Persons: Stefano Rellandini, Spain’s, Eni, Jefferies, Bernstein, Claudio Descalzi Organizations: San Donato Milanese, REUTERS, Eni, Brent, Thomson Locations: San, Milan, Italy
MILAN, April 29 (Reuters) - Private equity firm Investindustrial is working with banks on a possible sale of Italian laboratory diagnostics firm Lifebrain in a deal that could value the COVID-19 test supplier at more than 1 billion euros ($1.2 billion), four sources told Reuters. Rome-based Lifebrain focuses on routine and speciality laboratory tests, including COVID-19 ones, and operates through about 360 laboratories in Italy. Private equity firm EQT, which controls French medical laboratory services operator Cerba HealthCare, is among a series of investors expected to submit an offer when the auction starts, two of the sources said. Investindustrial has ploughed 700 million euros into Lifebrain since it first invested in 2018, doubling the company’s core earnings and boosting its efforts to diversify into non-clinical environmental and food testing, one of the sources said. Earlier this month U.S. laboratory products supplier Avantor agreed to buy German peer Ritter for 890 million euros in cash, while Roche acquired U.S.-based GenMark Diagnostics.
Persons: Goldman Sachs, Investindustrial, EQT, Andrea Bonomi, Lifebrain’s, Lifebrain, Michael Havel, Bernhard Auer, Ritter, Roche Organizations: MILAN, Reuters, JPMorgan, Cerba, Services, SGS, U.S, Diagnostics Locations: Rome, Italy, U.S, Frankfurt
Africa’s biggest foreign oil and gas producer, Eni has prize assets in Nigeria, Congo and Angola. With lower debt, Eni hopes to raise new capital to build its renewables and low-carbon business which will form the backbone of the future company. Eni, BP and Total all declined to comment. Europe’s top energy companies were forced to raise record amounts of debt after oil and gas demand cratered in the wake of the pandemic. Large oil companies typically prefer operating oil and gas fields, taking pride in their operational capabilities.
Persons: Stephen Jewkes, Ron Bousso, Dmitry Zhdannikov MILAN, Eni, Francesco Gattei, ” Gattei, oilman Claudio Descalzi, you’re Organizations: BP, West Africa JV, Eni, Exxon Mobil’s, Det Norske, Aker BP, Oslo Stock Exchange, JV Locations: West Africa, Middle, LONDON, Norway, Nigeria, Congo, Angola, Egypt, Libya, Asia
The logo of Italian energy company Eni is seen at a gas station in Rome, Italy August 16, 2018. Africa's biggest foreign oil and gas producer, Eni has prize assets in Nigeria, Congo and Angola. With lower debt, Eni hopes to raise new capital to build its renewables and low-carbon business which will form the backbone of the future company. Europe's top energy companies were forced to raise record amounts of debt after oil and gas demand cratered in the wake of the pandemic. Large oil companies typically prefer operating oil and gas fields, taking pride in their operational capabilities.
Persons: Max Rossi Italy's Eni, Eni, Francesco Gattei, Gattei, oilman Claudio Descalzi Organizations: Eni, REUTERS, Exxon Mobil's, BP, Det Norske, Aker BP, Oslo Stock Exchange, JV, Thomson Locations: Rome, Italy, West Africa, Norway, Nigeria, Congo, Angola, Egypt, Libya, Asia
Open Fiber staff works in Bagheria, a town near Palermo, Italy April 8, 2021. Some 4.5 million euros ($5.4 million) for Open Fiber and around 3 million euros for TIM. Rome, through state lender CDP, jointly owns Open Fiber with utility Enel and is the No. But it risks being overtaken by events on the ground as TIM and Open Fiber lay parallel networks across swathes of Italy. Slideshow ( 4 images )TIM, Open Fiber and the Innovation and Economy ministries declined to comment.
Persons: Filippo Tripoli, Nicola Giambelluca, , , Mario Draghi, Michele Polo, Vittorio Colao, Draghi, “ Colao, Daniele Franco, IDATE, FiberCop, Giovanni Pileri Organizations: MILAN, Telecom Italia, Fiber, REUTERS “, TIM, Milan’s Bocconi University, Advisers, Innovation, Vodafone, Vivendi, Italy, European Union, Digital Economy, KKR Locations: Sicily, Bagheria, Palermo, Italy, Handout, ” Tripoli, Italian, Rome, French, Macquarie
Bagheria, population 55,000, had already been cabled by rival Open Fiber and another network seemed extravagant. Some 4.5 million euros ($5.4 million) for Open Fiber and around 3 million euros for TIM. Rome, through state lender CDP, jointly owns Open Fiber with utility Enel and is the No. The new government of Mario Draghi, which has digital infrastructure at the heart of its agenda, has yet to say if it will pursue the single network project. TIM last year welcomed the single network plan, but has since stepped up efforts to roll out its own last-mile fibre network through purpose-built vehicle FiberCop.
Persons: Filippo Tripoli, , , Mario Draghi, Michele Polo, Vittorio Colao, Draghi, “ Colao, Daniele Franco, IDATE, FiberCop, Giovanni Pileri Organizations: TIM, MILAN, Telecom Italia, Milan’s Bocconi University, Advisers, Innovation, Vodafone, Vivendi, Italy, European Union, Digital Economy, KKR Locations: Sicily, ” Tripoli, Italian, Italy, Rome, French, Macquarie, Bagheria
“The energy transition has been part of my life,” Enel Chief Executive Francesco Starace told Reuters. He started closing fuel oil power plants - 3.2 gigawatts (GW) of capacity had been decommissioned by 2012 - and shut the company’s last two coal-fired plants in 2020. (Graphic: Ambitious targets, but long way to catch up to the renewable energy majors, )GRIDS APARTConsultancy Rystad Energy says oil giants have a long way to catch up with the renewable energy majors in terms of capacity, despite their ambitious target. Enel and Iberdrola have another significant advantage that analysts say oil majors will struggle to match – thriving power grids businesses. “I don’t think it was simple to decide to spend money in renewables,” Pierre Bourderye of PJT Partners said of Enel and Iberdrola.
Persons: Iberdrola, Sergio Perez, , Francesco Starace, Wood Mackenzie, Starace, , Enel, Spain’s, EGP, Ignacio Galan, Galan, Javier Suarez, Tom Heggarty, Goldman Sachs, Pierre Bourderye Organizations: MILAN, REUTERS, Big Oil, Royal, Shell, Reuters, NextEra Energy, Enel, “ Renewables, UBS, Investors, Rystad Energy, Networks, U.S, PJT Partners Locations: MADRID, Spain, United States, America, United, Swiss, Europe, Latin America, Asia
Open Fiber is jointly owned by Italy’s biggest utility, Enel, and state lender Cassa Depositi e Prestiti (CDP). The original scheme envisaged CDP buying 10% of Open Fiber from Enel and negotiating governance rights with Macquarie to secure control. But disagreements over the value of Open Fiber have prompted the sides to discuss alternative routes, the sources said. In this way CDP could save hundreds of millions of euros to win control of the joint venture. One of the sources said talks were at an advanced stage, adding Enel could retain a small stake in Open Fiber.
Persons: Enel, Macquarie, Mario Draghi’s, Rome Organizations: Italy’s, Macquarie, Telecom Italia, TIM, Vivendi Locations: ROME, MILAN, Italy, Macquarie
Open Fiber is jointly owned by Italy’s biggest utility, Enel, and state lender Cassa Depositi e Prestiti (CDP). The original scheme envisaged CDP buying 10% of Open Fiber from Enel and negotiating governance rights with Macquarie to secure control. But disagreements over the value of Open Fiber have prompted the sides to discuss alternative routes, the sources said. In this way CDP could save hundreds of millions of euros to win control of the joint venture. One of the sources said talks were at an advanced stage, adding Enel could retain a small stake in Open Fiber.
Persons: Enel, Macquarie, Mario Draghi’s, Rome Organizations: Italy’s, Macquarie, Telecom Italia, TIM, Vivendi Locations: ROME, MILAN, Italy, Macquarie
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