Finance
Telecom Italia board to meet Friday over bid for Sparkle unit, sources say
Global Banking & Finance Review®
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MILAN (Reuters) – Telecom Italia (TIM) will hold a board meeting on Friday over a 700 million euro ($772 million) non-binding bid the
MILAN (Reuters) – Telecom Italia (TIM) will hold a board meeting on Friday over a 700 million euro ($772 million) non-binding bid the telecoms group has received for its Sparkle subsea cable unit, two sources told Reuters on Thursday.
On Wednesday, Italy’s Treasury and Spanish fund Asterion submitted a joint bid for Sparkle.
The two sources said directors would convene on Friday afternoon for an initial discussion on the proposal.
The board is expected to hand Chief Executive Pietro Labriola a mandate to negotiate a binding bid, one of the sources added. ($1 = 0.9067 euros)
(Reporting by Elvira Pollina; Editing by Valentina Za)
A board meeting is a formal gathering of a company's board of directors to discuss and make decisions on important company matters, including financial performance and strategic direction.
A non-binding bid is an offer made by a buyer that is not legally enforceable. It indicates interest but does not commit the buyer to complete the transaction.
A subsea cable unit refers to the infrastructure used for transmitting data across oceans via underwater cables, essential for global telecommunications.
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