Telecom Italia CEO doesn’t rule out losing control of fixed network

LONDON: Telecom Italia’s new chief executive does not rule out losing control of the company’s fixed-line network under a possible deal with rival Open Fiber, he said on Friday.

The future of the fixed network has been a bone of contention between activist investor Elliott and 24-percent shareholder Vivendi, with Elliott pushing for a merger and Vivendi opposing losing control of TIM’s biggest asset.

“There is no pre-defined ending of the story in any sense. I’m not excluding anything, nor am I recommending anything at this stage,” Luigi Gubitosi told analysts on a conference call.

Gubitosi, who was appointed CEO in November, on Thursday laid out a three-year strategy as part of which Telecom Italia (TIM) had started talks with smaller broadband rival Open Fiber on “all possible options including a full business combination on fixed network”.