Italy may consider raising its stake in TIM, says PM

MILAN: Italy might consider raising its stake in former phone monopoly Telecom Italia (TIM) as part of a plan to speed up the rollout of ultra-fast internet across the country, Prime Minister Giuseppe Conte said on Monday.

The Italian government sees building an ultra-fast broadband network as crucial to reviving its coronavirus-hit economy.

It has called on TIM and rival Open Fiber to reach an accord quickly on creating a single ultra-fast broadband network to avoid costly duplication of investments.

Open Fiber is a wholesale-only broadband operator jointly owned by Enel and state lender Cassa Depositi e Prestiti (CDP), which is also TIM’s second largest shareholder with a 10% stake behind France’s Vivendi.