Telecom Italy yesterday saw its shares traded at less than 0.9 euros. Given symbolically devastating as the controlling shareholder (Telco) paid to Tronchetti Provera (the previous shareholder) a figure well over two euros per share.
But not 'the only problem for Telecom Italy.
In addition to the debt of almost 35 billion euros, the corporate structure is complex and is intertwined with the strategies of the member 'industrial' Telco, Spanish Telefonica.
So check Telco Telecom Italy, Telefonica controls Telco.
Both Telefonica, Telecom and Italy have substantial investments in South America. Telecom are the last remaining overseas investment.
In Argentina, the plot has caused no end of official documents.
Now is the time in Brazil, where Telecom subsidiary TIM Brasil, while Telefonica, along with a Portuguese operator, controls another mobile operator.
Telefonica now wants to 'get rid' of the Portuguese partner.
If the transaction from going through, Brazil would open antitrust problems, since two of the major mobile operators would refer to a person 'unique'.
Apart from this, one wonders: Telefonica, shareholder / competitor of Telecom Italy, that interest will solve the problems of Telecom?
Behind these industrial and financial scenarios, there are Italian users who are compelled to have the reference operator (Telecom 'ensure' universal service) an ailing companies, leveraged and further immobilized by the current corporate structure.
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