BT group in pounds 1.5bn Italian plan
Wednesday 01 May 1996
The joint venture will bid for the licence next year in competition with a grouping led by the Italian financier Carlo de Benedetti and France Telecom.
Alfred Mockett, managing director of BT Global Communications, said yesterday that Albacom would be in a prime position to take advantage of the liberalisation of the pounds 11bn Italian market as competitors are allowed to take on the duopoly of Telecom Italia and Olivetti.
He was speaking as BT and the Italian bank BNL, joint owners of Albacom, confirmed they are to pay pounds 71m for a 2.4 per cent stake in Silvio Berlusconi's television empire Mediaset. In return Mediaset is paying pounds 22m for a 30 per cent stake in Albacom.
Mr Mockett described the cross-shareholding arrangement as a marriage certificate. As a dowry, Mr Berlusconi is giving Albacom all the telecoms business of Fininvest, the parent company of Mediaset.
The deal will give BT access to Mediaset's microwave network, which consists of 1,800 sites across Italy that could be used to launch a mobile telephone service. BT will also be able to take advantage of Mediaset's three network national television stations and its voice network.
A Mediaset spokesman said the Albacom joint venture would initially target big Italian industrial groups such as Fiat for their telecoms business.
BT and BNL are also likely to sell off more of their holding in Albacom, with Snam, the gas business of Eni, a possible investor.
- 1 Crystal meth addict 'gouged out his eyes and ate them' while high on drug, Australian MP claims
- 2 As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
- 3 The ten most unequal developed countries in the world
- 4 Saudi Arabia 'seeking to head United Nations Human Rights Council'
- 5 Toddler throws a tantrum at the White House – in front of Barack Obama
JK Rowling horrified by Harry Potter actor Matthew Lewis's raunchy photoshoot
Saudi Arabia 'seeking to head United Nations Human Rights Council'
The ten most unequal developed countries in the world
Toddler throws a tantrum at the White House – in front of Barack Obama
Irish people are travelling home from all over the world so they can vote to legalise gay marriage
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
Report finds that Britain's wages are the most unequal in Europe
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
The day that Britain resigned as a global power
Gay marriage 'Bert and Ernie' cake bakery found guilty of discrimination in Northern Ireland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...