ARTICLE · 18 NOVEMBER 1996
Telecommunications Merger - Postponement of Privatization
The Italian government recently announced that STET, the state-controlled telecommunications group, and Telecom Italia (TI), its main operating company, are to be merged. As a result of this merger, the anticipated privatization of the telecommunications industry is likely to be delayed until Fall of 1997.
The announcement followed a meeting in Brussels between the Italian Treasury Minister, Carlo Azeglio Ciampi, and EU Competition Commissioner, Karel Van Miert, to discuss the Italian government's sale of its equity participation in IRI. As reported in our previous entries on this data base, IRI is the ultimate holding company for Italian telecommunications. IRI owns approximately 63% of the corporate capital of STET, which in turn owns 62% of the corporate capital of TI.
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