MILAN (Thomson Financial) - Telecom Italia SpA chairman Franco Bernabe said
that the 1.3 billion euro synergies that have been estimated with Telefonica SA
to 2010 will grow.
Speaking at Telecom Italia's annual shareholders meeting, Bernabe said that
the group's steering committee in December had estimated synergies with
Telefonica of 1.3 billion euros.
"That estimate is destined to grow," he said.
Bernabe was appointed CEO December last year after Telefonica and a group of
Italian investors bought a controlling stake in Telecom Italia from Pirelli & C
SpA.
The CEO said that there are no plans to sell any assets other than those
foreign assets already indicated, notably in France.
He also said the sale of the group's network to a third party is not being
considered.
Bernabe reiterated that there will be no capital increase, adding that debt
at the company will be reduced through ordinary operations.
"The plan allows us to maintain the level of dividend announced this year,"
he said.
stephen.jewkes@thomson.com
sj/rw
COPYRIGHT
Copyright Thomson Financial News Limited 2008. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
|