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October 23, 1997updated 01 Sep 2016 3:17pm

FRANCE TELECOM LIKELY TO JOIN ITALIAN MOBILE VENTURE

By CBR Staff Writer

Italian electricity utility, Enel has confirmed that France Telecom is likely to join the cellular phone joint venture already established between Deutsche Telekom and Enel. Enel managing director Francesco Tato told reporters that France Telecom was in talks with the DT with an eye to sharing part of Deutsche Telekom’s 49% stake in the initiative. It is probable they will join the venture,” he said. Tato said that France Telecom was in talks with the German group over possible entry into Deutsche Telekom’s 49% stake in the initiative as Enel says it will maintain its 51% stake in the venture. Enel and Deutsche Telekom are preparing to bid for Italy’s third cellular phone license, due to be awarded late this year or early next. In June, DT pledged it would invest over $2bn if it wins the license bid ahead of rival bids led by US telco, Bell South and the Picienne consortium of British Telecommunications Plc, Banca Nazionale del Lavoro, Mediaset and power company, Eni SpA. If France Telecom takes up an interest in the consortium the company will have found a quick way back Last month, France Telecom announced it was quitting its telecom alliance with Olivetti SpA. A joint bid with Deutsche Telekom and Enel would be a swift way for the company to restart its efforts top move into the Italian market.

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