Reuters – Clessidra Mulls Takeover Bid for Telecom Italia Media
Italian private equity fund Clessidra would consider a full takeover bid for Telecom Italia Media, a source close to the fund said, as the board of Telecom Italia met to decide what to do with its stake in the loss-making company, Reuters reported. Telecom Italia had hoped to sell its 78 percent stake in Telecom Italia Media by the end of 2012 to help cut its debt of 29.5 billion euros ($39 billion) and focus on its core telecoms business, but has been hampered by low bids. Clessidra has already submitted a binding offer for Telecom Italia Media - seeking control of its two cash-burning television channels and profitable broadcast network operator - that Telecom Italia dismissed in December as being too low.
17 January 2013•3 mins read
