AT&T Out of Telecom Italia Stake Talks
Posted on: Monday, 16 April 2007, 18:00 CDT
MILAN, Italy - AT&T said Monday it is pulling out of talks to buy a one-third stake in the holding company that controls Telecom Italia SpA.
The news came as Telecom Italia shareholders met to elect a new board.
The holding company, Olimpia SpA, started negotiations with AT&T Inc. and a Mexican affiliate, America Movil SA, earlier this month to sell a two-thirds stake in Olimpia, with the option to sell the remaining third after a year. In Mexico City, America Movil said that "after the withdrawal" by AT&T it will continue considering "different alternatives for a potential investment in Olimpia."
The negotiations have raised concerns in Rome about a strategic national asset falling into the hands of foreigners, and the media have been full of speculation about arrangements that would allow the company to remain in Italian hands.
Fueling the speculation, the chief executive of Intesa Sanpaolo SpA, Italy's largest bank, said it may consider taking a stake.
"We might consider a shareholding participation if this looks like a good idea for us and our shareholders," Intesa Sanpaolo's Corrado Passera said during an analyst presentation, noting that the bank has in the past made temporary investments.
Source: Associated Press/AP Online
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