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Telefonica Expresses Interest in Acquiring 100% of Telecom Italia

The Spanish telecoms operator, Telefónica, has stated its strong interest in acquiring 100% of the Italian operator, Telecom Italia.

Significance: Currently, Telecom Italia would be relatively undervalued given its end-of-2007 financial performance. The Italian telecoms giant announced disappointing results for 2007 as a poor performance in its domestic market offset gains in its international business. Overall, group revenue rose by 0.6% year-on-year (y/y) to 31.29 billion euro (US$48.23 billion). However, without the addition of AOL internet operations in Germany and other sundry variations, overall revenue fell 1.3% y/y. Revenues in Italy fell by 6%, with Telecom Italia blaming regulatory effects for the decline. Franco Bernabe, Telecom Italia's chief executive officer (CEO) praised the quality of Telefónica's board and said that both companies would be able to learn from each other.


Source:
Copyright 2008 GLOBAL INSIGHT, Inc.

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