Telecom Italia Posts 1.6 Billion-Euro Loss After Writedown
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Telecom Italia SpA, Italy’s biggest phone company, reported a 2012 loss after taking a bigger-than-expected goodwill writedown of more than 4 billion euros ($5.2 billion).
The net loss was 1.6 billion euros, compared with a loss of 4.8 billion euros in 2011, the Milan-based company said yesterday. The writedown was related to the purchase of Olivetti in 1999 and the acquisition of Telecom Italia Mobile minorities in 2005, Telecom Italia said.