TELECOM ITALIA: CURRENT SITUATION AND PERSPECTIVES OF THE GROUP IN BRASIL EXAMINED
16 Januar 2014 - 5:30PM
Italian Regulatory (Text)
PRESS RELEASE
TELECOM ITALIA: CURRENT SITUATION AND PERSPECTIVES OF THE GROUP IN
BRASIL EXAMINED. `Enhanced' controls to be implemented to examine
possible extraordinary operations on TIM Brasil. No co-option of
Directors until Board renewal. On governance, work group to submit
benchmark to Board meeting of 6 February. Situation of TI Media
examined.
Milan, 16 January 2014 The Board of Directors of Telecom Italia,
chaired by Aldo Minucci, has proceeded with an in-depth analysis of
the Brasilian business, supported by the Chief Executive Officer of
Tim Participações Rodrigo Abreu. During the meeting, evaluated as
very fruitful, the Board of Directors has approved to define an ad
hoc procedure (in line with that for operations with related
parties), to be examined on 6 February, to manage any possible
extraordinary operation involving Telecom Italia holdings in the
companies of the Tim Brasil group. Moreover, the Company confirms
the absence at current of projects, negotiations or offers on the
matter. The Board of Directors has also approved not to proceed
with the co-option of new Directors in view of the forthcoming
expiry of its term of office, confirming Aldo Minucci in his role
of Vice Chairman having vicarious functions. It was also decided to
entrust a work group within the Company to carry out a benchmarking
of the Company's Bylaws; the work group will present the results of
the analysis during the meeting of 6 February. The Board of
Directors also examined the situation of subsidiary TI Media
S.p.A., which remains in the conditions set out in article 2446 of
the Italian Civil Code, and possible initiatives for managing this.
The meeting was an opportunity to update the status of the project
to integrate Telecom Italia Media Broadcasting (wholly controlled
by TI Media) and the network operator activities of Rete A
(controlled by Gruppo Editoriale L'Espresso), announced in October,
the aim of which is to maximise the value of the assets of each,
also through the creation of industrial synergies.
Telecom Italia Press Office +39 06 3688 2610
www.telecomitalia.com/media Telecom Italia Investor Relations +39
02 8595 4131 www.telecomitalia.com/investorrelations
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