Italy Indus Min Hopes For Domestic Solution To Telecom Italia
LONDON (MF-Dow Jones)--Italian Industry Minister Pierluigi Bersani said Tuesday he hoped there would be a domestic solution to the impasse over the ownership and strategy of the country's largest telecommunications company, Telecom Italia.
"I hope that Italian financial and industrial forces are able to act as protagonists in this big event," Bersani told reporters during a London visit, when asked about Italian banks possibly taking control of Telecom Italia.
Intesa Sanpaolo and Mediobanca are exploring options to take control of the 18% stake in Telecom Italia indirectly held by Pirelli through unlisted holding company Olimpia, two people close to the matter said last week.
Intesa Sanpaolo Director General Pietro Modiano Tuesday said he believed the bank was looking into Telecom Italia.
Pirelli said Friday it is open to all options, including the possible sale of its 80% stake in Olimpia, through which it controls 18% of Telecom Italia. But the tire-to-telecom group stressed that it would only consider offers that ensure "equal conditions" to all Pirelli's shareholders.
Pirelli's statement that it was prepared to sell its controlling interest in Telecom Italia could run up against the Italian government's desire to ensure the country's former phone monopoly isn't sold to foreign firms.
Bersani said Tuesday he didn't mean the Italian solution for Telecom Italia to be "exclusive," but to involve some form of "participation" of Italian industrial and financial partners.
The potential Mediobanca and Intesa Sanpaolo plan - aimed at renovating Telecom Italia's shareholder structure - envisages as a second step the building of a pool of industrial partners with the necessary skills to relaunch Telecom Italia, people close to the matter said last week.
The deal could be closed within two weeks, ahead of a Telecom Italia shareholder meeting in mid-April that will elect a new board, the people said.
Telecom Italia's board is due to be renewed April 16, while the company presented a three-year business plan March 9.
-By Eva Palumbo, MF-Dow Jones; +39 02 5821 9907; giada.zampano@dowjones.com
(END) Dow Jones Newswires"
Posted to the site on 20th March 2007
