The merger, first proposed a year ago, between Fiat SpA’s Teletel telecommunications transmission equipment company, and state-owned switching systems specialist Italtel SpA moved a step nearer consummation last week with approval being granted by Italtel’s immediate parent, Stet SpA, which is in turn controlled by the Italian state-owned Istituto per la Ricostruzione Industriale holding company. IRI and the appropriate minister still need to give their approvals, but these are now seen as formalities. The new company will be called Telit SpA, and the proposed structure is 48% each for the two present parents, and 4% for Mediobanca of Milan.
