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Bankers “ready” to invest in TI

The chairman of the banking foundations’ association in Italy, Giuseppe Guzzetti, said on Wednesday that Italian banking foundations are ready to invest in Telecom Italia.

The seemingly altruistic declaration has come at a time when the future of the Italian telecoms behemoth looks increasingly unclear. Guzzetti said to the Italian daily, Il Sole 24 Ore: ‘Should the support of foundations be useful for the country we’ll be ready to consider entering into Telecom Italia. But of course only if the operation offers adequate yields.’

Focus on Telecom Italia has been intense since the announcement by the former chairman, Marco Tronchetti Provera last week, that the company would split into separate units with a strong possibility of the mobile arm being sold. By Friday evening, Tronchetti had resigned following comments made by the Italian PM, suggesting Tronchetti had not given him full details of the “reorganisation”.

Guido Rossi, the lawyer who led the recent inquiry into corruption in Italian football, assumed the chairmanship at the weekend. On Monday the new boss moved to assure investors that the company was in good shape.

Speculation has raged around who could step in to buy TIM. According to Italian daily, La Stampa, a group of American and European investors headed by Mario Resca, chairman of McDonald’s Italy, is looking at acquiring either a controlling stake in Telecom Italia, or TIM. La Stampa added that private equity funds, Templeton International and Blackstone could also be interested in buying stales in the telecoms firm.The paper did not provide sources.

The Italian Drama Unfolds:

18 September: Italian drama as Tronchetti quits, Rossi takes over

18 September: Comment – Bushido-style drama grips Italy

14 September: Update: more details on TI reorganisation

12 September: Italian PM wants “details” on TI reorganisation

12 September: Telecom Italia to sell Brazillian mobile arm – Reports

11 September: TI splits fixed and mobile, inks Murdoch deal


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