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Friday, Sep 27
Bloomberg: Telecom Italia CEO to resign next week
- Shortly after Reuters reported Telecom Italia (TI) CEO Franco Bernabe is thinking of resigning as soon as next Thursday (Oct. 3), Bloomberg reports Bernabe plans to do it.
- A resignation could clear the way for TI to put its Brazilian unit (TSU) on the block. Telefonica (TEF), which just reached a deal to eventually take full control of holding company Telco and its 22.4% TI stake, has reportedly been pressing TI to sell its Latin American assets. Bernabe has resisted, something believed to have led Telefonica to withdraw its support for him.
- Bernabe has pushed for TI to improve its balance sheet by raising fresh capital instead, arguing "there is a lot of liquidity out there now."