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☆ Italy's govt has not clarified whether CDP will bid for TIM's grid - union official
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: 1 min

ROME, Nov 28 (Reuters) - Italy's government has not clarified with unions whether state lender Cassa Depositi e Presitit (CDP) would submit a preliminary offer for Telecom Italia's (TLIT.MI) landline grid by a Nov. 30 deadline, a union official said on Monday. Maurizio Landini, head of the Italian CGIL union, was speaking after a meeting with the head of staff of new right-wing Prime Minister Giorgia Meloni. Rome was on Monday reviewing optionsfor the future of the former phone monopoly as uncertainty grew about the planned CDP bid, part of a broader plan to combine TIM's network assets with those of smaller rival Open Fiber to create a unified broadband champion under CDP's control. Reporting by Giuseppe FonteOur Standards: The Thomson Reuters Trust Principles.

☆ Italy PM empowers top aide Butti to oversee fast-broadband strategy - draft
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +1 min

MILAN, Nov 25 (Reuters) - Italian Prime Minister Giorgia Meloni has given cabinet undersecretary Alessio Butti powers to oversee Rome's strategic policies to develop ultra-fast broadband networks, a government decree seen by Reuters showed on Friday. The multi-billion euro offer would be part of a broader plan to merge TIM's network with smaller rival Open Fiber, which is controlled by CDP. Butti criticised such a plan and called on CDP to take control of TIM as a way to pursue the goal of combining the former phone monopoly network assets with those of Open Fiber. TIM's top investor is French media company Vivendi (VIV.PA) with a 24% stake and the second largest is CDP with a 10% stake. Reporting by Elvira Pollina and Giuseppe Fonte; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

☆ Vivendi representative Frank Cadoret resigns from Telecom Italia's board
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +1 min

[1/2] Telecom Italia (TIM) logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/IllustrationROME, Nov 16 (Reuters) - Telecom Italia (TLIT.MI) (TIM) said on Wednesday that Frank Cadoret, one of two board members representing top investor Vivendi (VIV.PA), resigned from the post. Vivendi has clashed with Rossi, a former Bank of Italy official, over corporate governance issues on a number of occasions. The other Vivendi representative on TIM's board is the French media conglomerate's chief executive, Arnaud de Puyfontaine. Reporting by Alvise Armellini and Elvira Pollina, editing by Gianluca Semeraro and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ Fitch downgrades Telecom Italia to 'BB-'
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +1 min

Nov 15 (Reuters) - Ratings agency Fitch on Tuesday downgraded Telecom Italia's credit rating to 'BB-' from 'BB,' citing insufficient debt reduction in 2022. It expects the company's free cash flow to remain negative for at least three years, adding that financing of its negative free cash flow is increasingly important given financial market volatility and high interest rates. Ratings agency S&P Global in October downgraded Telecom Italia to "B+" from "BB-," citing a weak macro environment. Moody's in July downgraded Telecom Italia by one notch to 'B1,' citing expectations its leverage will remain high and free cash flow will stay negative over the next two to three years. Italy's new government wants to bring Telecom Italia's network under state control to speed up the digitalization of the economy, Industry Minister Adolfo Urso said on Monday.

☆ Italy govt wants Telecom Italia network under state control
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: 1 min

ROME, Nov 14 (Reuters) - Italy’s new government wants Telecom Italia's (TLIT.MI) network to be under state control to speed up the digitalization of the economy, Industry Minister Adolfo Urso said on Monday. "We need the network to be under public control", Urso said at a business conference in Rome. Reporting by Elvira Pollina and Giuseppe Fonte, editing by Alvise ArmelliniOur Standards: The Thomson Reuters Trust Principles.

☆ Telecom Italia CEO sticks to turnaround plan as govt weighs alternatives
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +2 min

Unveiled in July, TIM Chief Executive Pietro Labriola's plan is mostly based on a potential multi-billion euro sale of its fixed network infrastructure to state lender CDP. Alessio Butti, responsible for telecoms policies in Meloni's Brothers of Italy party, has criticized TIM's plan to sell its landline grid. Sponsored by the previous government of Prime Minister Mario Draghi, the single network project is now being reviewed by the centre-right government that took office last month. Newly-appointed cabinet undersecretary Butti on Saturday said he would start talks with state lender CDP, TIM and other stakeholders over his plan, reigniting speculation of a government-sponsored takeover. Under the Minerva project, TIM would retain the network while hiving off its services operations and its Brazil-listed unit.

☆ TIM top investor Vivendi keen to discuss network plan with government, sources say
▼ + stars: | 2022-11-06 | by ( ) www.reuters.com time to read: +2 min

MILAN, Nov 6 (Reuters) - Telecom Italia's (TIM) (TLIT.MI) top investor Vivendi (VIV.PA) is keen to start talks with Italy's new right-wing government on a new plan to create a national broadband company, people close to the French media conglomerate said on Sunday. The potential sale was part of a plan sponsored by the previous government to combine TIM's fixed network assets with those of smaller broadband operator Open Fiber in order to create a national network champion under CDP control. However, regulatory and valuations issues have thwarted efforts so far and the project to create a single network company is now being reassessed by the new government, which was sworn in last month. Butti had previously called on CDP to pursue the single network project taking over TIM, under a plan dubbed "Minerva". Under the plan, TIM would retain the network while hiving off its services operations and its Brazil-listed unit to cut its debt pile.

☆ Virgin Fibra to bundle fast Internet with video streaming in Italy
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

MILAN, Oct 18 (Reuters) - Virgin Fibra, a start-up firm backed by the group founded by British billionaire Richard Branson, will add video streaming services to its newly-launched fast fibre offer in Italy, its chief said on Tuesday. Led by telecoms and media industry veteran Tom Mockridge, Virgin Fibra, which started marketing its services in August, now offers ultrafast connectivity services at a reduced monthly price of 26 euros ($25.66). "We will partner with the streaming hubs but we are not a business that is creating our own content. There are some fantastic choices of streaming apps," Mockridge said during a press briefing in Milan to present the new venture. Similarly to Sky and Iliad, Virgin Fibra partnered with state-backed fibre-optic operator Open Fiber's to launch fast-connectivity services in Italy.

☆ TIM's board set to meet Friday over request to extend network deal deadline-sources
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +1 min

MILAN, Oct 13 (Reuters) - Telecom Italia's (TIM) (TLIT.MI) directors are expected to meet on Friday over a request from state lender CDP and its partners to extend a deadline to finalise a deal over the Italian phone group's network, two sources close to the matter said. CDP, infrastructure fund Macquarie and Open Fiber have asked for more time to clinch a deal to buy TIM's network assets, pushing back an initial deadline for a binding deal set at the end of this month. The multi-billion bid is part of a long-held plan to combine TIM's fixed network assets with those of CDP-owned rival Open Fiber to create a single national network operator under CDP's control. Telecom Italia declined to comment. Register now for FREE unlimited access to Reuters.com RegisterReporting by Elvira Pollina; editing by Valentina ZaOur Standards: The Thomson Reuters Trust Principles.

☆ Parties bidding for TIM's grid want more time for talks
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +2 min

Italy's state lender CDP is readying a preliminary offer for TIM's landline grid as it pursues plans to create a single broadband company with smaller rival Open Fiber, in which it is the largest shareholder. Macquarie (MAQ.AX), which has a minority stake in Open Fiber, is also expected to join the bid. Valuation issues have also been a stumbling block in negotiations between TIM and CDP. TIM's top investor Vivendi (VIV.PA) is looking for a valuation of 31 billion euros ($30.06 billion) to back a sale of the grid with the prospect of a merger with Open Fiber, a source familiar with the French media group had said. CDP values Telecom Italia's landline grid in the region of 20 billion euros including debt, sources had previously said.

☆ Italian state lender CDP readies offer for TIM's network after national vote
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

Telecom Italia (TIM) logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/IllustrationMILAN, Sept 27 (Reuters) - Italian state lender CDP is readying a preliminary offer for Telecom Italia's landline grid, it said on Tuesday, as it presses ahead with plans to create a single broadband company with Open Fiber after a general election on Sunday. CDP is now expected to submit a non-binding offer in the first half of October, two sources familiar with the matter said, cautioning deliberations are ongoing. Register now for FREE unlimited access to Reuters.com RegisterTIM (TLIT.MI) and CDP reached a preliminary agreement in May aimed at creating a unified broadband champion merging TIM's assets with those of Open Fiber under CDP control. Under the preliminary agreement sealed in May, CDP and TIM aimed for a binding deal by the end of October.

☆ TIM, Vivo, Claro seek $606 mln Brazil Oi deal haircut
▼ + stars: | 2022-09-19 | by ( David French | ) www.reuters.com time to read: +1 min

A logo of the mobile phone network company Claro is seen in Bogota, Colombia December 12, 2019. REUTERS/Luisa GonzalezSAO PAULO, Sept 19 (Reuters) - TIM SA (TIMS3.SA), Telefonica Brasil (VIVT3.SA) and Claro have asked that the price of their deal to buy rival telecom Oi SA's (OIBR4.SA) mobile operations in Brazil be lowered by 3.2 billion reais ($605.05 million), securities filings showed on Monday. Telecom Italia's TIM (TLIT.MI), America Movil's Claro (AMXL.MX) and Telefonica's Vivo had agreed to acquire Oi's mobile operations in an auction in late 2020 with a joint bid of about 16 billion reais. However, post-deal analysis showed the need for an adjusted closing price, TIM said in a securities filing, citing divergences in working capital, capital expenditure and net adds data that were seen in documents available only after closing. ($1 = 5.2888 reais)Register now for FREE unlimited access to Reuters.com RegisterReporting by Gabriel Araujo; Editing by Christian PlumbOur Standards: The Thomson Reuters Trust Principles.

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