Deals
Telecom Italia Is Set to Reject Italy’s Bid for Subsea Cable Unit
- The firm’s board to review the $805 Million offer on Wednesday
- The subsea cable unit is deemed to be of strategic value
According to the company’s assessment, the unit should be valued at at least €850 million, its book value, the people said.
Photographer: Francesca Volpi/BloombergThis article is for subscribers only.
Telecom Italia SpA is planning to reject Italy’s bid of up to €750 million ($805 million) for its submarine cable unit Telecom Italia Sparkle SpA dragging on the sale of a strategic asset for the government, according to people familiar with the matter.
The company’s board is expected to ask Italy’s Finance Ministry for better terms for the entire unit at a meeting Wednesday, the people said, asking not to be named as the discussions are confidential. A representative for Telecom Italia declined to comment.