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Italy state lender could consider Telecom Italia investment if asked by govt - chairman
October 3, 2017 / 6:45 PM / 2 months ago

Italy state lender could consider Telecom Italia investment if asked by govt - chairman

ROME, Oct 3 (Reuters) - Italian state lender Cassa Depositi e Prestiti (CDP) would consider investing in Telecom Italia if the government asked it to by exercising so-called golden powers, its chairman said on Tuesday.

Italy’s government is currently looking into whether Telecom Italia’s (TIM) largest shareholder Vivendi breached an obligation to notify it of its effective control of the former phone monopoly, which is considered a strategic asset.

If the probe shows the French firm has de facto control of TIM, Rome may conclude it can exercise the special powers, which range from a fine to possibly demanding key assets be sold.

CDP Chairman Claudio Costamagna told La7 TV the state lender’s existing 50 percent investment in broadband group Open Fiber remained a priority.

“But if the government asked us to enter Telecom by exercising the golden power, we would look at it to see if it was advantageous or not,” he said. (Reporting by Stefano Bernabei; Writing by Stephen Jewkes; Editing by Isla Binnie)

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