Telecom Italia CEO Sees No Rapid Reduction of Debt

ROME (MF-Dow Jones)--Representatives of Italian unions Cgil, Cisl and Uil Friday said that Telecom Italia Chief Executive Franco Bernabe told them he doesn't expect the company's multibillion debt to be reduced quickly.

Italian unions and the Telecom Italia chief executive met earlier Friday in Rome.

As of the end of September Telecom Italia's net debt was about EUR37 billion.

Union representative have also asked Bernabe for a stronger international presence and urged him to go ahead with a recapitalization of the company.

Analysts said that a capital increase is an unlikely option for Telecom Italia at a time of increasing market woes and credit pressure.

-By Carlo Renda with MF-Dow Jones, Dow Jones Newswires, +39 02 5821 9906; sabrina.cohen@dowjones.com

(END) Dow Jones Newswires

Posted to the site on 15th February 2008