Italians give it one for the Bouygues

Telecom Italia sells its stake back to French giant...

Telecom Italia is to sell its 11 per cent stake in Bouygues Telecom back to the French firm's parent company in an all-cash deal. Bouygues - which has a business empire ranging from construction to media as well as the mobile telco - insisted that despite paying cash for the stake, the telecom firm's financial situation will remain stable. Telecom Italia Mobile (TIM) expects to add E480m to its balance sheet as a result of the deal, according to the Financial Times.