Deals
Telecom Italia Could Cede Control of Landline Network in Open Fiber Deal
- CEO tweaks plan in bid to address concerns from Rome, Brussels
- Company is also under heavy pressure from top investor Vivendi
Photographer: Alessia Pierdomenico/Bloomberg
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Chief Executive Officer Luigi Gubitosi is preparing to relinquish control of Telecom Italia SpA’s network in a bid to revive an on-again, off-again deal with rival Open Fiber SpA and extract value from the company’s multi-billion euro network, its most valuable asset, people familiar with the matter said.
The phone carrier’s shares rose as much as 6%, the most in more than eight months, after Bloomberg reported the news.