Telecom Italia CEO Aims To Sell More Assets - Report

Date : 05/10/2012 @ 3:21AM
Source : Dow Jones News
Stock : Ypf Sociedad Anonima (YPF)
Quote : 20.5  0.42 (2.09%) @ 4:25PM

Telecom Italia CEO Aims To Sell More Assets - Report

Telecom Italia Media (BIT:TME)
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Telecom Italia SpA's (TIT.MI, TI) chief executive plans to sell more assets after the company gets rid of its media operations in its pursuit to raise money to pay down its huge debt, according to a newspaper report Thursday.

"In the future we will consider the sale of other non-strategic assets," Franco Bernabe is quoted as saying in an interview published in tabloid La Stampa.

Posting its first-quarter results late Wednesday, Telecom Italia said it had started the process of putting up for sale its media operations, headed by its Telecom Italia Media SpA (TME.MI) division, which houses television channels such as La7 and MTV.

Bernabe says he expects to close a deal within a "reasonable" time.

Telecom Italia aims to reduce its net debt to EUR27.5 billion this year.

Despite its huge debt, the operator is starting to invest again, earmarking EUR9 billion for Italy during the next three years, he says, adding that these investments would include the expansion of a high-speed broadband network.

Bernabe also says he doesn't expect the operator's investment in Argentina to face the same fate as Spain's Repsol YPF SA (REP).

"I don't think that what happened in the case of YPF Repsol can happen in our case," he says.

The government expropriated a 51% stake in Argentina's biggest oil company, YPF SA (YPF, YPFD.BA), from Repsol YPF.

Newspaper website:

-Milan Bureau, Dow Jones Newswires; +39 02 5821 9901


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