Telecom Italia Seeks Time to Alter Spinoff Plan, Repubblica Says
(Bloomberg) -- Telecom Italia SpA wants to modify a plan to spin off its fixed-line network that was submitted under former Chief Executive Officer Amos Genish, La Repubblica reported.
The company asked telecommunications watchdog Agcom to halt its review because the separation plan has changed under current CEO Luigi Gubitosi, the newspaper reported, citing a letter from the executive. The current plan focuses on merging Telecom Italia’s network with smaller rival Open Fiber SpA.
“In light of the complex strategic evaluations of the new management,” the company asked for a new review that takes into account a market analysis that’s currently in progress, Gubitosi said in the letter, according to the report.
Investors Vivendi SA and Elliott Management Corp. have been fighting a running battle for control of Telecom Italia that has delayed an overhaul of the struggling phone company. Genish had been the head of a Vivendi-backed management team that was ousted in a coup led by Elliott and its allies.
©2019 Bloomberg L.P.