Autostrade requires Italian UMTS deposit refund

Italian motorway company Autostrade has won a temporary reprieve on its bid to keep its E2bn (£1.2bn) UMTS licence deposit.

Autostrade is currently battling with the Italian government in a regional court in Rome after government officials attempted to seize telco consortium Blu's UMTS bank guarantee. Autostrade holds a majority stake in Blu, which last month pulled out of the Italian UMTS auction following internal disagreements over finances. Other shareholders include BT, Distacom, Mediaset and Banca Nazionale del lavoro. The Italian government claims Blu should forfeit its deposit claiming it was subject to irregularities. However, the court warned that the company could face bankruptcy if the government wins its case. The Italian government was hoping to raise E21.33bn but at the close of bidding only E12.16bn had been achieved.