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Last Trade - 05/07/19

Sector
Telecoms
Size
Large Cap
Market Cap £9.49bn
Enterprise Value £32.62bn
Revenue £13.65bn
Position in Universe th / 6852

Italy tells Enel CEO plans to create national broadband network can't be postponed

Mon 23rd November, 2020 6:22pm
ROME/MILAN, Nov 23 (Reuters) - Italy's Economy and Industry
ministers said in a letter to the head of Enel  ENEI.MI  on
Monday that plans to create a national broadband network were a
matter of urgency and could not be delayed.
    The ministers said Enel needed to bear in mind when selling
its stake in broadband infrastructure group Open Fiber that such
plans were of strategic importance for the country.
    The letter comes as Enel holds a board meeting to approve
the utility's new business plan.
    A source familiar with the matter said Rome wanted Enel to
ensure that state lender CDP had control of Open Fiber if the
utility sold its stake.
    Enel, which jointly controls Open Fiber with CDP, received a
binding bid in September from Australia's Macquarie for all or
part of its 50% stake in the broadband infrastructure group.
    But Rome, which is looking to merge phone incumbent Telecom
Italia’s  TLIT.MI  landline grid with Open Fiber, has urged the
fund to buy less than 50% so CDP can take control.

 (Reporting by Giuseppe Fonte and Stephen Jewkes)
 ((stephen.jewkes@thomsonreuters.com; +39.0266129695; Reuters
Messaging: stephen.jewkes.thomsonreuters.com@reuters.net))
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