LONDON -(Dow Jones)- 3 Italia, the Italian mobile phone business controlled by Hutchison Whampoa Ltd, said in a statement that its initial public offering would likely be delayed until the first quarter of 2006.
The company had previously hoped to list in 2005, but sources had told Dow Jones Newswires earlier this month that it would be delayed.
The statement said that after a consultation with the Italian exchange and regulators, "3 Italia is working on the necessary integration to the business plan, with the aim of finalizing the IPO process, presently ongoing, likely in the first quarter of 2006."
In the same statement, 3 Italia said it has bought Channel 7, which holds a national license for digital terrestrial broadcasting, from Profit Group. The statement didn't disclose a purchase price.
The statement said that 3 Italia would be able to use the digital broadcasting system to beam pay TV and other services to mobile phones using merged mobile and broadcasting technology.
It said that the pictures received on the phones would be of DVD-quality.
3 Italia runs a third-generation mobile network in Italy, and is 94.5%-owned by Hutchison.
Other shareholders are SanPaolo IMI SpA, RCS Mediagroup SpA, Gemina SpA, and Franco Bernabe Group.
-By Gren Manuel, Dow Jones Newswires; 44 20 7842 9279; gren.manuel@dowjones.com
(END) Dow Jones Newswires "
Posted to the site on 27th November 2005
Posted to: www.cellular-news.com/story/14986.php