November 12, 2013 / 11:08 AM / 5 years ago

Italy regulator making checks on Telecom Italia's plans - source

A man uses a Telecom Italia phone booth at a bus stop in Rome December 3, 2008. REUTERS/Chris Helgren

MILAN (Reuters) - Italian market regulator Consob is carrying out checks on Telecom Italia’s (TLIT.MI) asset sales plan and on the 1.3 billion euros (1.09 billion pounds) convertible bond the company sold last week, a source close to Consob told Reuters.

The regulator is also making checks on issues relating to a shareholder meeting due on December 20 to vote on a request by minority shareholder FINDIM to remove the current board of the phone group, the source said.

“360-degree checks relating to Telecom Italia and its latest deliberations are under way,” the source said.

Telecom Italia said last week it would sell its Argentina unit and other assets while issuing a convertible bond, aiming to raise around 4 billion euros to stave off a credit rating downgrade and strengthen operations in Italy and Brazil.

Reporting by Stefano Rebaudo, editing by Emilio Parodi

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