Americas > South America > Argentina > Telecom Italia confirms Telecom Argentina sale

Argentina: Telecom Italia confirms Telecom Argentina sale

2013/11/10

Telecom Italia (NYSE: TI) has confirmed that it will dispose of its Argentine unit Telecom Argentina (NYSE: TEO) in a conference call with investors.

The company's board has received an unsolicited offer for Telecom Argentina and is negotiating the terms of a transaction, Telecom Italia executives said, without revealing the potential price tag on the Argentina subsidiary.

The move is part of the heavily indebted Italian firm's 2014-16 strategic plan, which involves raising up to 4bn euros (US$5.37bn) in cash to focus on increase opportunities in the Italian and Brazilian markets.

Inclunding the sale of the Argentine unit, Telecom Italia will seek to raise funds through other measures inclunding the issue of a mandatory convertible bond of up to 1.3bn euros, and an investment valorization plan inclunding towers in Italy and Brazil.

The company is as well looking to reduce its net deficit to below 27bn euros by the end of this year, compared to 28.3bn euros at the end of Q3.

Telecom Italia's strategic direction has been subject to significant speculation during recent weeks next Telefónica (NYSE: TEF) recently increased its indirect stake in the Italian operator to 22.4%, amid allegations that the Spanish company was aiming to force Telecom Italia to sell its Brazilian and Argentine units.

Related Articles

Netanyahu to pioneer new diplomatic grounds in Latin America
2017/09/13 Defying doomsayers concerned about Israel losing diplomatic clout, Benjamin Netanyahu is headed to Bogota, Argentina, and Mexico -- part other Latin American nations. Prime Minister Benjamin Netanyahu is scheduled to depart for Latin America and the US on Sunday evening, marking the fifth time in some 15 months he will embark on ground-breaking trips to nations at no time before visited by a sitting Israeli prime minister.
Netanyahu’s Historic Latin American Tour to Highlight Israeli Tech Sector
2017/09/10 Latin America is “hungry for Israeli technology,” a senior Foreign Ministry official said Tuesday ahead of Prime Minister Benjamin Netanyahu’s historic visit to the region next week. Deputy Director General at the Foreign Ministry’s Latin America and Caribbean Division, Modi Ephraim, said the visit will have historic significance, as it will be the initial by a sitting Israeli prime minister.
PM Netanyahu leaves on historic visit to Latin America
2017/09/10 Israeli Prime Minister Binyamin Netanyahu will leave on Sunday evening for a working visit to Latin America. During his trip, Netanyahu will visit Argentina, Colombia and Mexico. This will be the initial visit by a sitting Israeli Prime Minister to Latin America. Paraguayan President Horacio Cartes will travel to Buenos Aires to meet Netanyahu. Netanyahu leaves for trip to Argentina, Mexico, and Columbia, then meets world leaders at UN General Assembly in New York. Accompanying Netanyahu is a delegation of Israeli businesspeople from the fields of agriculture, water, communications and energy. Members of the delegation will hold commercial meetings with their local counterparts. Eonomic events will as well be held in Argentina and Mexico, led by Netanyahu and the Argentine and Mexican heads of national.
UNWTO: International tourism – strongest half-year results since 2010
2017/09/09 Destinations worldwide welcomed 598 million international tourists in the initial six months of 2017, some 36 million additional than in the same period of 2016. At 6%, increase was well above the trend of recent years, making the current January-June period the strongest half-year since 2010. Visitor numbers reported by destinations around the world reflect strong request for international travel in the initial half of 2017, according to the new UNWTO World Tourism Barometer. Worldwide, international tourist arrivals (overnight visitors) increased by 6% compared to the same six-month period last year, well above the sustained and consistent trend of 4% or higher increase since 2010. This represents the strongest half-year in seven years.
ARGENTINA: Country To Resume Pork Imports From The United States
2017/08/22 Argentina will any minute at this time resume importing pork from the United States for the initial time since 1992, according to reports. The announcement came a few days next U.S. Vice President Mike Pence visited Argentinean President Mauricio Macri in Buenos Aires. According to a White Home statement, the United States is the world's leading exporter of pork, and this agreement opens a potential market of $ 10 million per year for American pork producers.