A government summit on Thursday gave
the green light to TIM and CDP's plan to set up a company to
create a single telecoms network in Italy.
The planned new company will manage the infrastructure of the
single broadband network, sources said.
CDP CEO Fabrizio Palermo illustrated the contents of the deal to
the ministers and majority leaders present at the summit.
At the meeting, Premier Giuseppe Conte, Economy Minister Roberto
Gualtieri, Industry Minister Stefano Patuanelli, Justice
Minister Alfonso Bonafede and other ministers met delegation
chiefs from the ruling majority including the 5-Star Movement
(M5S), the Democratic Party (PD), Italia Viva (IV) and Free and
Equal (LeU).
Phone company TIM Managing Director Luigi Gubitosi met with the
managing director of government bank CDP, Palermo, on Wednesday.
CDP owns 50% of the Open Fiber network infrastructure firm.
Further talks are expected ahead of a TIM board meeting on
Monday.
TIM shares soared over 5% on the Milan bourse Wednesday.
Telecoms trade unions Slc Cgil, Fistel Cisl and Uilcom Uil have
asked Premier Conte to table talks with them too.
They voiced opposition to a public network on the Open Fiber
model.
"A strong subject is needed," they said.
"This task can be carried out by TIM", they said, with CDP
taking a bigger stake in the telecoms group.
TIM on Thursday reached a deal with Tiscali on Fibercop.
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