Reuters: Technology News: Telecom Italia tie-up with Hutchison put back

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Telecom Italia tie-up with Hutchison put back Jun 5th 2013, 18:32 Tweet Share this Email Print Related News Italy - Factors to watch on June 5 2:40am EDT Telecom Italia chief says no decision on Hutchison tie-up on Wednesday: paper Sat, Jun 1 2013 Telecom Italia chief says no decision on Hutchison tie-up Wed -paper Sat, Jun 1 2013 Deals of the day -- mergers and acquisitions Fri, May 31 2013 Lack of detail in Telecom Italia spin-off hits stock Fri, May 31 2013 A Telecom Italia antenna booster is seen in northern Rome November 12, 2012. Credit: Reuters/Alessandro Bianchi MILAN | Wed Jun 5, 2013 2:32pm EDT MILAN (Reuters) - A possible tie-up between Telecom Italia and Hutchison Whampoa was put on the back burner on Wednesday when the board of the Italian telecoms company postponed discussing the merger until a future date. Italy's biggest phone company has just approved a plan to spin off its strategic fixed line network, a move that could ease political concerns over the asset falling into foreign hands. In a statement on Wednesday, Telecom Italia said its board had not discussed the possible tie-up with the Hong-Kong-based conglomerate and had decided to refer the matter "to a future meeting". On May 8, Italy's biggest phone company said it would take up to 30 days to assess whether it could bridge differences over valuations with Hutchison. Two people familiar with the situation said there was no momentum for the deal with Hutchison. A third source close to the matter, however, said Telecom Italia's board could discuss the issue in the coming weeks. Hutchison is targeting a majority stake in Telecom Italia in a deal that would involve merging its local unit 3 Italia into the Italian telecoms giant. Telecom Italia values its network at 13-15 billion euros and estimates the spin off could take up to 18 months to complete, a source with direct knowledge of the situation has said. The separation of the network could pave the way to selling a stake in it to Italian stake backed fund Cassa Depositi e Prestiti. Shares in Telecom Italia ended on Wednesday down 0.3 percent at 0.575 euros. (Reporting By Danilo Masoni; Editing by Elaine Hardcastle) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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