Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Telecom Italia’s Galateri Says Telecoms Must Consolidate

Sept. 7 (Bloomberg) -- Telecom Italia Director Gabriele Galateri, whose company is seeking to recover from financial losses and a stock slide, said the European telecommunication industry is in need of consolidation.

Galateri’s comments to reporters today in Cernobbio, Italy, came amid uncertainty over the future role of Telecom Italia’s controlling shareholders. Spain’s Telefonica SA and three financial investors own almost 22.5 percent of Milan-based Telecom Italia through holding company Telco SpA. Their partnership is up for review this month, when members are allowed to exercise a right to end the collaboration.

Galateri was asked today if a merger of equals between Telecom Italia and Telefonica was possible.

“You’re putting many things together, a merger with Telefonica, a merger of equals,” said Galateri, who is also chairman of Assicurazioni Generali SpA, a Telco partner. “The European market needs consolidation. It’s definitely a desirable goal. Beyond which, whether it is possible or not possible depends on many factors. We’ll see.”

Telecom Italia’s stock price has declined every year since 2005 and is down 11 percent since Dec. 31. The company reported a 1.77 billion-euro ($2.33 billion) loss in the second quarter and a 3.55 billion-euro loss in the fourth quarter.

To contact the reporter on this story: Andrew Frye in Rome at

To contact the editor responsible for this story: James Hertling at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.