Italy to mull whether to apply Telecom golden share powers
Govt to examine draft document outlining its retention26 September, 18:15
A golden share in Telecom Italia, a nominal holding which gives it veto rights over the company given its strategic national importance, was retained by the government after the company was privatized in the 1990s.
The announcement earlier this week that Spain's Telefonica SA has agreed to raise its stake in Telco, the company that controls Telecom Italia, to 66%, giving it effective control of the unit, raised a chorus of outcries across Italy. Politicians of all stripes, unions and agribusiness associations have criticised the plan, some raising national security issues as the last telecommunications company to be in Italian ownership is purchased by a foreign investor.