Telecom Italia streamlines its portfolio

Italy and Latin America the places to be...

Telecom Italia has become the latest major European telco to cut its debt mountain by selling stakes abroad. The company will cash in its near 30 per cent holding in Telekom Austria, and is likely to exit France's Bouygues Telecom, Spanish telecoms holding company Auna, and Turkish mobile venture Aria, 49 per cent owned by mobile arm TIM. The moves would leave the Italian company - now controlled by Pirelli, after Pirelli won control of TI stakeholder Olivetti this year - with its home networks and stakes in various Latin America telcos. The strategy is designed to raise about E6bn (£3.6bn) to cut Olivetti's debt.