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BRIEF-Telecom Italia refused to sell Sparkle at the time of Metroweb bid -CEO
June 28, 2017 / 1:08 PM / 3 months ago

BRIEF-Telecom Italia refused to sell Sparkle at the time of Metroweb bid -CEO

June 28 (Reuters) - Telecom Italia CEO Flavio Cattaneo told a parliamentary hearing:

* phone company was asked to sell Sparkle, a unit whose submarine network transmits information between countries in Europe, the Mediterranean and the Americas, to be allowed to buy 51 percent of broadband firm Metroweb

* “You have one company with revenues of 100 million euros (Metroweb) and another with 1.3 billion euros (Sparkle) ... it was clear I could not agree.”

* Telecom Italia last year lost the battle for Metroweb to a rival bid from Italian utility Enel as the two compete to roll out a high-speed broadband network around Italy. Further company coverage: (Reporting by Milan newsroom)

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