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September 28, 1997updated 03 Sep 2016 11:26am

AT&T AND TELECOM ITALIA EXCHANGE SHARES

By CBR Staff Writer

AT&T Corp and soon to be fully privatized Telecom Italia Spa have agreed to exchange shares to cement alliances between the companies, as was announced earlier this month (CI No 3,214). AT&T is to buy a 1.2% stake worth about 750bn Lira ($429m), in a private placement and Telecom Italia will spend the same amount of cash buying AT&T’s, which at current stock price will give them around a 0.6% holding. AT&T are to name a member of Telecom Italia’s new board, and hold the 1.2% stake for at least three years. The whole agreement is conditional on the successful negotiation of a deal announced in July for a joint effort to sell phone and data services in Latin America and Europe. Telcom Italia’s board have all resigned, effective on 30 October, when a shareholders meeting will elect the new board of the fully privatized company. The Italian treasury is attempting to sell 15% of its 45% stake by private placement, and then the rest by public offering.

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