The meeting of Telecom Italia Board of Directors to take stock of activities in South America, initially scheduled for today, has been postponed until tomorrow. However, the expiry of the period granted by the Italian group to Fintech to conclude the purchase of Telecom-Argentina.
The deal risks falling apart because the buying group is in a state of financial stress. Fintech would therefore have proposed to Telecom a sort of "temporary sale" which will be evaluated by the Board of Directors of the Italian company, postponed until tomorrow to leave the Argentine authorities the necessary time to make a decision on the possible sale of Telecom Argentina.
The subsidiary was valued at $960 million. To compensate for the missed or delayed sale, the Italian group is accelerating the dossier of Italian transmission towers, with the placement on the Stock Exchange of 50% of the capital (100% is valued at 1 billion euros) to be completed in 2015.
Just as much attention raises the Brazil file. At the end of the month, the auction for the assignment of radio frequencies gets underway: Oi, one of the operators active in the country, is not participating in the tender, a signal interpreted by the market as the start of a consolidation process, a scenario that could lead to the dismemberment, with subsequent sale of assets, of Tim Brasil.
Opening today in Piazza Affari, Telecom Italia shares are up 0,82%, at 0,92 euros per share.
