According to rumors reported by the Bloomberg agency website, Telecom Italia plans to interrupt the proposed spin-off of its telephone network, eliminating this option for raising funds to reduce debt. In the upcoming board meeting of November 7, the board of the telecommunications company would indeed like to renounce the plan approved in May.
The spin-off between Telecom Italia's "copper" and its fiber optic network, worth about 14 billion euros ($19 billion, Bloomberg also points out), had been speculated for more than a year, as it would provide a way to cut debt through a major sale. The operation, strongly supported by the then president Franco Bernabè (resigned on 3 October last), is now losing prices, also due to the opposite pressure exerted by the new majority shareholder, the Spanish Telefonica, which has no intention of depriving itself of this strategic asset.
At the opening of the session in Piazza Affari, Telecom Italia shares immediately lost almost 3% a €0,715 per share.
