OXFORD, United Kingdom—Some of the major shareholders of Blu, Italy’s fourth-largest mobile operator, have made it clear they no longer want to remain involved with the company. British Telecommunications (BT) and Telecom Italia recently made public statements indicating they both wish to make a hasty exit.
Gilberto Benetton, one of Telecom Italia’s newly appointed vice presidents, said the company certainly does not want to increase its shareholding in Blu and is looking at pulling out. “We are awaiting a stronger technical partner than BT, and such a candidate would have to hold a 3G (third-generation) license,” he said.
Meanwhile, BT is thought to be close to selling its 400 million lira (US$183,000) holding in the Italian cell-phone operator, in which it has a 20-percent stake. Credit Suisse First Boston and Mediobanca have been tasked with seeking possible buyers prepared to take on at least 51 percent of the shares in Blu. Top of the list of contenders appears to be a consortium led by Spain’s Telef
Ownership of Italy’s Blu up for grabs
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