The Board of Directors of Telecom Italia, chaired by Aldo Minucci, has proceeded with an in-depth analysis of the Brasilian business, supported by the Chief Executive Officer of Tim Participações Rodrigo Abreu.
During the meeting, evaluated as very fruitful, the Board of Directors has approved to define an ad hoc procedure (in line with that for operations with related parties), to be examined on 6 February, to manage any possible extraordinary operation involving Telecom Italia holdings in the companies of the Tim Brasil group. Moreover, the Company confirms the absence at current of projects, negotiations or offers on the matter.
The Board of Directors has also approved not to proceed with the co-option of new Directors in view of the forthcoming expiry of its term of office, confirming Aldo Minucci in his role of Vice Chairman having vicarious functions. It was also decided to entrust a work group within the Company to carry out a benchmarking of the Company’s Bylaws; the work group will present the results of the analysis during the meeting of 6 February.
The Board of Directors also examined the situation of subsidiary TI Media S.p.A., which remains in the conditions set out in article 2446 of the Italian Civil Code, and possible initiatives for managing this. The meeting was an opportunity to update the status of the project to integrate Telecom Italia Media Broadcasting (wholly controlled by TI Media) and the network operator activities of Rete A (controlled by Gruppo Editoriale L'Espresso), announced in October, the aim of which is to maximise the value of the assets of each, also through the creation of industrial synergies.
Milan, 16 January 2014