Telecom Italia: clarification on the Group's presence in Argentina

04/17/2009 - 09:49 PM

- + Text size
Print

Telecom Italia, at the request of CONSOB, regarding the Group's presence in Argentina, clarifies that:

  • On 30 March 2009, CNDC (the Argentinean Antitrust Authority) with Resolution n. 43/09, nominated two observers ("veedores") to the Telecom Argentina Group companies, in order to ensure that the previsions set out by Resolution 04/09 of 9 January 2009 in relation to the Antitrust procedures in Argentina, with respect to the acquisition of Olimpia S.p.A. by Telco S.p.A., of which Telefonica SA - active in Argentina through another operator - is a shareholder, are complied with.
    According to reports, the CNDC has recently rejected the appeal proposed by Telecom Argentina Group on the Resolution 43/09.
  • On 3 April 2009, under the same Antitrust procedures, the CNDC issued Resolution n. 44/09, under the terms of which Telecom Italia, Telecom Italia International, the Board members, the Managers and the representatives of Telecom Italia and Telecom Italia International and their direct and indirect shareholders, as well as Board members and Statutory Auditors designated by Telecom Italia and Telecom Italia International within the Telecom Argentina Group, must abstain from making any decision or giving out instructions that could involve, directly or indirectly, the exercise of  "derechos politicos" in the Group, including rights stemming from shareholders’ agreements relating to the Telecom Argentina Group.
    Telecom Italia and Telecom Italia International have filed an appeal to CNDC against Resolution n. 44/09, requesting that the relative files be transferred to the competent Courts. No decision has been rendered with respect to the appeal which in itself represents a necessary step in the procedure leading to an appeal with the local Courts.

The Telecom Italia Group believes any determination in connection with the procedures referenced above would be premature and dismisses as groundless any related rumours.