Telecom Italia Argentina goes and lets your business to fund Fintech Fintech bid U.S. $ 1,400 million for the 68 % of the owner of Telecom Argentina.Finalmente , César Alierta pressures for Telecom Italia disposes of its business in Argentina worked. Yesterday, the Telefónica Group CEO authorities succeeded the Italian operator admitted the sale of the shares held by Telecom Argentina . Thus, the Spanish holding would prevent the Argentine authorities bearing on his plan to retain 70 % of the Italian operator in March 2014. Currently , owns 46.18 % of Telco company controlling 22.4% of Telecom Italia. And agreed to buy the shares of the other partners in Telco , banks Mediobanca and Intesa Sanpaolo and insurer to inject fresh funds into Telecom Italia and turn that money into stocks . But the operation must have the approval of the Argentine authorities , where Telecom and Telefonica compete, despite the equity that the Spanish group already has in the Italian company. Given this scenario , and considering that Argentina has become a tough market to do business, especially the inability to rotate dividends abroad , Alierta prompted the president of Telecom Italia , Marco Patuano , yesterday to present a business plan for the next two years to include the output of Argentina . BULKY DEBT In addition, the proposal includes a convertible share issue up to 1.300 billion euros, the sale of 17,000 towers it owns in Italy and Brazil , among others. The aim is to raise funds that will reduce its massive debt of 29,000 million euros. The board received an offer for their action, direct and indirect , in Telecom Argentina and has authorized the management to complete the transaction in terms most convenient for the interests of the company, said yesterday Marco Patuano , CEO of Telecom Italia during the presentation of the plan in the companys headquarters in Milan
Posted on: Thu, 14 Nov 2013 14:52:16 +0000
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