Telespazio: Bondi appointed chairman

10/12/2001 - 00:00 PM

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Telecom Italia announces that as part of the plan for rationalizing the allocation of Group participating interests, a plan has been approved for the partial split of Telespazio, via the transfer to SAIAT, a company that manages Group participations, of the stake held in Seat PG, corresponding to around 1.07%.

In virtue of the fact that the capital of both companies involved in the transaction is wholly owned by Telecom Italia, it is not necessary to assign SAIAT shares to Telespazio in exchange, in as much as the position of Telecom Italian is unaltered by the operation.

Telecom Italia also announces that Mr. Enrico Bondi was appointed Chairman of the company during the Telespazio Board Meeting at which the plan was adopted.