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Telecom Italia: Consob meeting

09/25/2006 - 12:00 PM

The Chairman of the Telecom Italia Group, Mr. Guido Rossi, the Executive Deputy Chairman, Mr. Carlo Buora, and the Chief Executive, Mr. Riccardo Ruggiero, accompanied by the General Counsel, Mr. Francesco Chiappetta, were today heard by Italy’s stock market regulator Consob (Commissione Nazionale per le Società e la Borsa), which had requested a hearing concerning  the recently approved company re-organization process.

The top management confirmed to Consob the reasons underlying the decisions taken by the Board of Directors on 11 September 2006. In particular, it was underlined that the re-organization of the fixed and mobile activities decided by the Board of Directors was motivated by the need for quick intervention in the light of the present competitive context and the evolution of the technological scenario, with a solution that, on the one hand, guarantees full transparency in network services and fixed-mobile services, also allowing the better exploitation of the development opportunities of telco-media convergence; on the other hand, realizing a more flexible company governance model to develop partnerships with media content providers.

The senior directors, in also reiterating that, as things stand, no change to the perimeter of activity of Telecom Italia is foreseen and that, further, no mandates have been given to financial advisers, or consultants in general, for the disposal of assets, also illustrated that the Group’s economic and financial situation is unchanged from what has already been communicated to the market thus ensuring Consob of the economic and financial health of the Telecom Italia Group. In particular, the sustainability of the Group’s debt was highlighted, given the cash generation from typical activities. The process of re-organization, it was again underlined, will be constantly verified with the sector Authority (Agcom), according to a roadmap which will be developed with continual contact, and in a spirit of full cooperation, between the Authority and the company. The company’s top management ensured their commitment to inform Consob and the market of every development of relevance to the re-organization process.

Milan, 25 September 2006