Friday, October 04, 2013

Against "destroying" of Telecom Italia, Barnabas resigns as chairman

In the midst the corporate restructuring, the chairman of Telecom Italia, Franco Bernabe, has resigned, as reported to the carrier phrase "gratitude for the great commitment and contribution substantial administrative provided over the past few years to manage the company."

In Italy, the departure of the executive had been expected as a consequence of negotiations involving changes in corporate consortium controller of the telecommunications company, Telco, formed by Telefónica of Spain, as well as financial institutions.

The former chairman is now opposed the current process by which the Spanish operator will assume command of Italian, which also involves the sale of operations in Brazil and Argentina. "I can not watch the complete destruction of Telecom Italia," he told Barnabas.

Telefónica must take control of the holding company Telco with investments of 441 million euros in a transaction involving the exchange of shares. Banks that are part of the consortium want to leave the business now that the deadline for agreement between them will win.

In Brazil, the expectation is that TIM will be sold to a new operator - Anatel has signaled that there will be resistance against an attempt by Telefonica to take on the business of Italian here and can make the business unattractive to the resumption of frequencies use by TIM.

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