Telecom Italia, negotiations with the Chinese of Hutchison Whampoa wrecked

Nothing done between Telecom Italia and H3G of the Chinese group Hutchison Whampoa. The Telecom board meeting convened today, which also took stock of the spin-off of the fixed network, "acknowledged that at present there are no elements to start negotiations" with Hutchison on the basis of the management report on the conclusion of the discussion with the counterparty. The decision was taken after a board meeting that lasted over 4 hours, which was also attended by the general manager of Telefonica Julio Linares. For its part, 3 Italia explained in a note that it had decided to interrupt discussions with Telecom because, after the preliminary exploratory contacts on a possible integration of activities "it has come to the conclusion that, at present, further contacts would not give the guarantee to lead to a transaction proposal acceptable to its shareholder”. The price to pay for the merger was the node on which the negotiations fell through: the 2 billion valuation of 3Italia indicated by various rumors were judged by Telecom as unthinkable.
The group of small Asati shareholders acknowledged "the stalemate" noting that today's decisions are "once again quite distant from the indispensable and urgent decisions to be taken" reiterating the need for the entry into Telecom of "a new strong industrial partner". Once the board's work was concluded, and after the departure of the various directors, the shareholder Marco Fossati, owner of 4,99% of Telecom, was then seen entering the office and met the group's management.