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Telecom Italia small shareholders propose local network spin off report

Date: 1/28/2008 2:39:53 AM

Telecom Italia SpAs small shareholders have proposed spinning off the groups fixed local access network along with the future fibre optic new generation network the group will build over the next 68 years into a new company, part of which will be listed, Saturdays Il Sole 24 Ore said.

Citing a proposal made by the Telecom Italia small shareholders association (ASATI), the Sole said that under the proposal, Telecom Italia will keep a majority stake in the new company.

The rest would be sold, in equal parts, to the market and to institutional investors, ASATI said.

The new company, which would guarantee equal access to all telecom operators, would have an enterprise value of 1416 bln eur, 8 bln of which would be debt, ASATI said.

The gross margin of the new company would be around 50 pct of sales, it added.

The Sole said Telecom Italia chairman Gabriele Galateri, and possibly its CEO Franco Bernabe, are due to meet the EU telecoms commissioner Viviane Reding on Tuesday.

Other press reports over the weekend said the political crisis under way following the resignation of the centreleft government of Romano Prodi could delay Telecom Italias decision over the future of its network.

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