Telecom Italia hit out at media reports claiming plans for a single fibre network in its home country were about to be scrapped, with the operator set to file a complaint to market regulator Consob in the face of an associated share price drop.
In a statement, Telecom Italia said it would file a complaint to “protect the company and its shareholders” after its share price fell sharply yesterday (6 May) in response to widespread media coverage on the issue.
The move followed reports, including in the Financial Times (FT), claiming the Italian government was set to abandon support for a single fibre network, [1] which had been championed by the country’s previous administration.
Following public wrangling between authorities and operators the project looked to be gaining traction last year [2], though was rumoured to be likely to face opposition at European Union (EU) level.
Yesterday’s press speculation on the imminent abandonment of the project centred around comments made in a document supplied by Italy’s government to the EU detailing its post Covid-19 (coronavirus) economic recovery plan.
According to the FT, in the document Italy referred to broadband networks in the plural and outlined an aim for “full competition” in the sector.
TIM response
Alongside announcing the complaint to Consob, Telecom Italia said: “interpretations reported by the press relating to the content of the Italian Recovery and Resilience Plan – the purpose of which is the digitisation of the country and the completion of the network in areas where private investments are insufficient – are entirely inappropriate and unsubstantiated.”
It added the relation to the plan and possible amalgamation of broadband assets from separate companies was “not understood” as it relied on decisions made by the businesses involved and their shareholders.
[1] https://www.mobileworldlive.com/featured-content/home-banner/italy-network-plan-tipped-to-hit-eu-headwinds
[2] https://www.mobileworldlive.com/featured-content/top-three/telecom-italia-sells-e1-8b-fibre-stake-agrees-state-plan
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