Siemens AG duly won the bidding for Italtel SpA, and as we suggested last week (CI No 2,381), AT&T Co does not want to retain its 20% alongside Siemens, and is to sell it back to Italtel’s parent, Stet SpA. Under the agreement announced on Saturday, Italtel will merge with Siemens Telecommunicazioni SpA to form a company with estimated annual sales of $2,000m. Stet and Siemens will each hold 50%, but Siemens will also inject an undisclosed sum in cash – La Repubblica reckons it will be some $1,000m.
