Italy's CDP may sell Open Fiber stake to TIM to form single network -report [Reuters]
TELECOM ITALIA (TI.A)
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Source: Reuters
Italy's CDP may sell Open Fiber stake to TIM to form single network -report - Reuters 2 Min Read MILAN, May 25 (Reuters) - Italy’s Cassa Depositi e Prestiti (CDP) is considering selling its stake in broadband operator Open Fiber to Telecom Italia (TIM), which would issue the state-owned lender with shares in return for the holding, Il Messaggero reported. This could pave the way to a single ultrafast broadband operator through a merger of TIM’s network with Open Fiber, which is co-owned by state-lender CDP and Italy’s biggest utility Enel, to avoid duplicating investment. The proposal is one option CDP’s top executives have discussed with TIM’s major investor French media group Vivendi , Saturday’s Il Messagero report said. CDP, which recently became TIM’s second-largest shareholder with a 9.9% stake, would thereby lift its stake to between 20% and 25%, close to or more than Vivendi’s 23.9%. TIM would then merge its network assets into Open Fiber and keep control of the network compan
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