’s problems date back to 1999 when a leveraged buyout by Roberto Colaninno, boss of Olivetti, a smaller telecoms firm, saddled the company with huge debts. After that it was unable to invest enough in its infrastructure to eventually fend off foreign entrants Wind, Iliad and Vodafone. At home Telecom Italia is notorious for political interference, bad governance and squabbling shareholders. As if that were not enough, its workforce is bloated, with around 50,000 employees in Italy.
The hope is that a separation would give more focus to each unit and allow each to claim the right amount of investment. Analysts expectto move the infrastructure unit into a separate holding firm where it will be the majority investor. Cassa Depositi e Prestiti, Italy’s state development bank, which owns 10% ofis expected to remain a minority investor, letting the Italian state keep a hand in a strategic sector.and Vivendi, which is controlled by Vincent Bolloré, a French corporate raider.
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