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Italy to decide on special powers over TIM in October -press
September 30, 2017 / 9:07 AM / 3 months ago

Italy to decide on special powers over TIM in October -press

MILAN, Sept 30 (Reuters) - Italian Industry Minister Carlo Calenda tells Il Sole 24 Ore daily:

* Italy will decide by the end of October whether there are grounds to use special powers the government has over companies of strategic importance in relation to Telecom Italia (TIM)

* Believes this will be the case and requirements will be imposed on governance and on Telecom Sparkle, the group’s submarine cable unit

* Requirements will be “balanced and not punitive”

* There are no contacts whatsoever with Telecom Italia regarding a possible spin-off of its fixed-line network

* However, government assessing best way to ensure network is “more open, safe, neutral and modern” and will be vigilant regarding any transactions and possible conflict of interests between TIM and its top shareholder Vivendi

* Government has no opinion over the appointment of Amos Genish as TIM’s CEO, it is a prerogative of the shareholder

* Working group studying best form of cooperation between Italian shipbuilder Fincantieri and France’s Naval Group will take 6-8 months to reach conclusions

* It needs to assess whether it will be only a partnership or, even better if conditions are there, a corporate tie-up

* Italian defence group Leonardo has been from the start part of the project and Rome will negotiate adequate guarantees to preserve synergies with Fincantieri over fighting systems (Reporting by Valentina Za; Editing by Alexander Smith)

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