Not so fast: valuation issue could put brake on Italy's broadband plans [Reuters (UK)]
VIVENDI SE UNSP/ADR (VIVHY)
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Source: Reuters
Not so fast: valuation issue could put brake on Italy's broadband plans - Reuters 4 Min Read MILAN (Reuters) - Italy’s plans to create a unified broadband network are making only slow progress and risk being complicated by differences between the two state-controlled owners of Open Fiber over how much the infrastructure group is worth, sources said. Rome is pushing for the creation of a single ultrafast telecom network through a merger of Open Fiber with former monopoly Telecom Italia (TIM) to avoid duplicating investments. But sovereign wealth fund Cassa Depositi e Prestiti (CDP) and state-controlled utility Enel are not yet on the same page over the price tag to apply to their joint Open Fiber venture. “They’re miles apart on valuation and if they can’t agree that there’s no way they’ll find a deal with TIM,” one of the sources said. TIM, whose biggest shareholder is France’s Vivendi, signed a non-disclosure agreement with CDP and Enel in June to start talks on ways of integrating i
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