The Chairman of General had announced last Saturday that he hoped for Telecom Italia would benefit from sector consolidation. He added that if the telecom would not come up with a convincing business plan, Generali would need to sell its stake from the company.
Gabriele Galateri, Generali's Chairman, told Reuters during an interview that its decision to sell its stake in the Italian telecommunications group would depend on the business plan that it would propose. The said business plan would be presented during the upcoming board meeting.
There are four shareholders that had taken control of Telecom Italia through Telco holdings. This would include Mediobanca, Generali, Intesa Sanpaoloan and Telefonica. The shareholders would announce during the board meeting on September 28 their decision to stay or exit the company.
Telecom Italia Chairman Franco Bernabe would review options for a possible new partner. This would be discussed on a board meeting scheduled September 19. This would help the company cut debt and increase credit rating.
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