Telecom Italia Chairman Calls Talk of Merger With Orange 'Fantasy'
March 11 2016 - 6:24AM
Dow Jones News
By Manuela Mesco
MILAN--Telecom Italia's Chairman Giuseppe Recchi said on Friday
that a merger with France's Orange SA was "a fantasy."
Mr. Recchi was replying to a recent comments by Orange Chief
Executive Stephane Richard, who said that he would look at an
operation involving the Italian company if called on to do so by
Telecom Italia's largest shareholder, French media company Vivendi
SA.
Speaking on the sidelines of an event in Milan, Mr. Recchi added
that any operations regarding Orange and Telecom Italia should go
through the board of directors and no plan has been discussed so
far.
"It is a fantasy." Mr. Recchi said, adding that people who
repeatedly say things related to operations that don't exist should
take responsibility for what they say as these statements can
affect share prices.
Mr. Recchi also said that cross-border consolidation doesn't
necessarily create value, while national consolidation makes more
sense from an industrial standpoint. "The only synergies [in
cross-border consolidation] are financial and not industrial," Mr.
Recchi said.
Write to Manuela Mesco at manuela.mesco@wsj.com
(END) Dow Jones Newswires
March 11, 2016 06:09 ET (11:09 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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