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Telecom Italia: annulment of CNDC resolutions n. 44/09 by the Argentinean Court of Appeal

06/21/2010 - 09:55 AM

Telecom Italia, at the request of market authorities following media reports during the week end, confirms that it was served by the competent Argentinean Court of Appeal with the annulment of CNDC resolutions n. 44/09, concerning the prohibition imposed to Telecom Italia to  exercise  its “political rights” in the Telecom Argentina Group, and resolution n. 123/08, concerning the suspension of the rights of exercise and sale of its call option on the participation held by the partner Werthein in Sofora.

Said annulment does not imply the lift of the judicial decisions on the same matters that imposes similar restrictions on Telecom Italia, and which are still in effect.   

The Court also partially cancelled Resolution n. 4/09 in the section in which analyzed the existence of an assumed concentration on the Argentinean market arising from Telco transaction. The same resolution maintains its validity in the obligation imposed to the parties of the Telco transaction to file a concentration act to the local antitrust authority.

Rome, 21 June 2010

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