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April 20, 1994

HEAD OF ISTITUTO PER LA RICOSTRUZIONE INDUSTRIALE SPELLS OUT HIS MANDATE

By CBR Staff Writer

The head of Italian state holding company Istituto per la Ricostruzione Industriale told La Tribune Desfosses that his mandate remains to sell the state telephone holding company Stet SpA to a diffuse group of shareholders, with only financial and not industrial groups holding more than 2% of the equity – a slap in the face for Alcatel NV, which has been talking about teaming up with Pirelli SpA to buy a strategic stake in Stet; he pointed to the absence of reciprocity between the French and Italian telecommunications policies as an obstacle to Alcatel’s becoming a shareholder in Stet – I don’t see why Alcatel should be allowed into the Italian market while the French system refuses entry into France Telecom – there’s no objective reason that Alcatel should be at the top of Stet, when we don’t have the same rights in France – that’s my personal opinion, he commented.

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