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Telecom Italia Defers Decision on Shareholder Restrucuting

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Telecom Italia's board of directors has decided to set up a review of its shareholding structure, but stepped back from approving long called for changes immediately.

During the meeting, described by the company as "very fruitful", the board approved the review which will have to report back next month.

The board meeting also decided to define a procedure that will be examined next month to cover any sale of its Brazilian subsidiary. They confirmed that at this moment, there are no plans for a sale of the division.

It's expected that any such sale would be vetted by the independent directors on the board, thus negating any influence over the sale by Telefonica.

In related news, the company raised EUR 1 billion in fresh debt by selling bonds that are due to be repaid in seven years time.

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Tags: telecom italia  Italy