Telecom Italia has hit a bump in the road in its quest to buy into fibre operator Metroweb, it emerged this week.
One of the Milan-based firm’s state-owned parents has rejected acquisition terms proposed by Telecom Italia, Reuters reported on Thursday.
The newswire has seen an email in which Fondo Strategico Italiano (FSI), the investment arm of state bank Cassa Depositi e Presititi (CDP), said it is not in a position to accept terms outlined in a memorandum of understanding drafted by Telecom Italia. Metroweb is owned by FSI and infrastructure fund F2i.
An unnamed source said Telecom Italia had proposed taking a 40% voting stake in Metroweb that it would increase to 100% over five years.
Reuters added that it is unclear at this stage whether the email puts paid to Telecom Italia’s ambitions.
Telecom Italia was linked with Metroweb in the second half of last year and reportedly expressed interest in acquiring a controlling stake in the company in November.
It faces competition from market rival Vodafone, which has also been named as a suitor for the company.
