Telecom Italia shares up as Argentina sale said to have been cleared

viernes 4 de marzo de 2016 04:26 GYT
 

MILAN, March 4 (Reuters) - Shares in Telecom Italia rose 1.9 percent on Friday after the Argentine regulator was said to have approved the Italian phone group's sale of a stake in Telecom Argentina and speculation abounded its CEO may be at risk.

Telecom Italia agreed in November 2013 to sell its controlling stake in Telecom Argentina's holding company Sofora to Fintech, the investment vehicle of Mexican financier David Martinez, for $960 million.

Argentina's new telecoms regulator gave the deal the long-awaited green light on Thursday, a source told Reuters.

The stock was also gaining as speculation mounted that CEO Marco Patuano's job could be at risk due to growing pressure from top investor Vivendi ahead of a board meeting in two weeks. (Reporting by Agnieszka Flak)