Mergers and Acquistions News
Categories: Telecoms
May 11th 2009, 14:13PM
Telecom Italia has denied reports in the media that it is planning a merger with Spanish telecoms firm Telefonica SA.
On Saturday (May 9th) the Italian firm, whose controlling shareholder is Telco, said in a statement that there is no "merger project" between it and the Spanish firm, following an article in Italian paper Corriere della Sera.
The paper had reported earlier on the same day that the management of Telecom Italia spoke to two controlling shareholders Intesa Sanpaolo SpA and Mediobanca last Monday about the possibility of a merger.
Franco Bernabe, chief executive of Telecom Italia, said on Thursday that the company does not have any strategic deals on its radar.
Telecom Italia's first-quarter income in 2009 fell by five per cent compared to the same period a year earlier.
Earnings for the company totalled €463 million (£417 million) in the first three months of the year.
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