Featured Articles

5th Generation Broadwell 14nm family comes in three lines

5th Generation Broadwell 14nm family comes in three lines

Intel's 5th Core processor family, codenamed Broadwell, will launch in three lines for the mobile segment. We are talking about upcoming…

More...
Broadwell Chromebooks coming in late Q1 2015

Broadwell Chromebooks coming in late Q1 2015

Google's Chromebook OS should be updating automatically every six weeks, but Intel doesn't come close with its hardware refresh schedule.

More...
New round of Nexus phone rumour kicks off

New round of Nexus phone rumour kicks off

Rumours involving upcoming Nexus devices are nothing uncommon, but this year there is a fair bit of confusion, especially on the…

More...
Nvidia officially launches the 8-inch Shield Tablet

Nvidia officially launches the 8-inch Shield Tablet

As expected and reported earlier, Nvidia has now officially announced its newest Shield device, the new 8-inch Shield Tablet. While the…

More...
Aerocool Dead Silence reviewed

Aerocool Dead Silence reviewed

Aerocool is well known for its gamer cases with aggressive styling. However, the Dead Silence chassis offers consumers a new choice,…

More...
Frontpage Slideshow | Copyright © 2006-2010 orks, a business unit of Nuevvo Webware Ltd.
Tuesday, 08 October 2013 10:31

Battle brewing for control over Telecom Italia

Written by Nick Farrell

Credit downgrade expected

Egyptian tycoon Naguib Sawiris has reduced his interest in the troubled Telecom Italia after the Spainish Telefonica struck a deal to gradually take control of the outfit.

Sawiris attempted to buy a 3 billion euro stake in Telecom Italia last year and has 1.2 percent through his Orascom TMT investments holding company. Now he only has one percent. Telefonica controls Telecom Italia via a 22.4 percent stake and wants to take full control of the outfit so that it can flog off the company’s lucrative Brazilian arm.

The deal led to the resignation of long standing executive chairman Franco Bernabe who had been seeking support for a capital increase of up to 5 billion euros to avoid a downgrade to junk and help fund badly needed investments in Italy. The company has nearly 29 billion euros of net debt and needs cash to replace its aging copper network.

It seems that Sawiris expects Telecom Italia shares to suffer after a credit downgrade soon.

Nick Farrell

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
blog comments powered by Disqus

 

Facebook activity

Latest Commented Articles

Recent Comments