Franco Bernabe, Chairman of Telecom Italia announced Thursday that the spin off of the company's fixed line network would take time in its implementation. This is hinged upon the approval of the board, should it decide to push through with the plan.
Bernabe made the announcement while on an analyst conference call on its first quarter results. He said that the Telecom Italia board would be deciding by May 23 on whether or not the spin off plan would be implemented.
Accordig to Chief Financial Officer Piergiorgio Peluso, Telecom Italia would discuss the impact of the possible plan with ratings agencies after May 23.
Previously, the company is exploring a possible deal with Hutchison Whampoa which includes the aggregation of Hutchison Whampoa's Italian unit 3Italia. After the 23rd of May, another thirty days would be needed to undertake the second phase of assessments.
Also incuded in the discussion was the announcement that its 2013 targets have been confirmed.
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