Telecom
Italy’s Poste Buys Telecom Italia Stake With Meloni Blessing
An employee moves boxes on a ride-on pallet truck at the Poste Italiane sorting center in Milan, Italy.
Photographer: Francesca Volpi/BloombergThis article is for subscribers only.
Italy’s state-run postal service bought a stake in Telecom Italia SpA amid a government push to recreate a “national champion” in the telecommunications industry.
Prime Minister Giorgia Meloni backed a stake swap that allowed Poste Italiane SpA to take over a 9.8% holding in Telecom Italia from state lender Cassa Depositi e Prestiti SpA, according to a statement on Saturday. The state lender, known as CDP, in turn received Poste’s 3.8% stake in payments specialist Nexi SpA.