Telecom Italia confirms held talks with Telefonica on jvs in various ops UPDATE |
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Fri, 02 Mar 2007 17:53
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(updates with Pirelli suspension of Telefonica talks)MILAN (AFX) - Telecom Italia SpA said it held preliminary talks in recent months with Telefonica SA about possible joint initiatives in various operational sectors, confirming media reports.Telecom Italia said it was issuing its statement at the request of stock market regulator Consob after the reports and also after yesterday's comments by Telefonica chairman Cesar Alierta.'The contacts (with Telefonica) have nothing to do with the news on links between the Spanish company and Olimpia, and are part of normal business development activities,' it said.Pirelli & C SpA unit Olimpia is the largest 18 pct shareholder in Telecom Italia. Pirelli had confirmed talks with Telefonica and others on buying part of its 80 pct stake in Olimpia.In a separate statement, Pirelli said its talks with Telefonica on the Spanish firm taking a minority Olimpia stake have been temporarily suspended.In a statement, also issued at the request of Consob, Pirelli said it confirmed that its stake in Olimpia, and therefore indirectly in Telecom Italia, is strategic.'Any operation will be inspired by the aim of pursuing the best interests of the shareholders of Olimpia, of Telecom Italia, and of their respective shareholders,' it said.'In particular, Pirelli assures that, whatever agreement is reached, it will guarantee, also in terms of governances, not to interfere in the business decisions of Telecom Italia,' it said.nigel.tutt@thomson.comnt/cmr/nt/jlcCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Telecom Italia confirms held talks with Telefonica on jvs in various ops 