The Telecom Italia Board of Directors meeting

12/18/2001 - 00:00 PM

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The Telecom Italia Board of Directors met today in Milan under the Chairmanship of Marco Tronchetti Provera

During the meeting, the Board deliberated to increase from $10 to $12 million, the total amount for bonds issued under the "Global Note Program", already approved in previous Board Meetings, in order to widen the capacity and allow for further bond issues, including convertible bonds, on the international market.

In order to better extract value from the real estate assets of the Pirelli and Olivetti-Telecom Italia Groups, the Board of Directors also approved - having previously issued the mandate to Lazard Real Estate to enhance the value of Telecom Italia Group´s real estate assets - the guidelines of the project aimed at the integration of the real estate assets and the entities that offer real estate services within the Pirelli and Olivetti-Telecom Italia Groups. This project does not involve the company IMMSI

The Board also defined the reorganization plan of the Group´s training structure under the management of the Learning Services department, aimed at enhancing the value and reinforcing the Group´s existing skills, through a unique and coordinated initiative

In particular, the reorganization plan foresees the acquisition of different branches of Group companies (such as the training branch of Consiel, Trainet, the Multimedia services branch of Finsiel, the Telecom Italia training center branches "Centri di Formazione") by the "Scuola Superiore Reiss Romoli". This process of reorganization will improve the quality and the effectiveness of Telecom Italia Group´s training programs, increase the number of staff using the programs, and boost the efficiency of the training process itself.