Telecom Italia shares fall after tense board meeting

ROME: Shares in Telecom Italia (TIM) slid almost 5% in early trade on the Milan bourse on Friday after a tense board meeting called by top investor Vivendi and which Chief Executive Luigi Gubitosi survived.

In a statement at the end of the board meeting on Thursday evening, TIM said it had discussed the difficult market situation and the challenges the group is facing, agreeing steps to prepare a new strategic plan due in February.
It added that no negotiations were ongoing over its network or other strategic assets.

“There is disappointment from the market over yesterday’s statement saying there are no negotiations over the network or other assets, hence undermining speculation,” a Milan-based trader told Reuters.