July 6, 2016 / 7:32 AM / 2 years ago

Telecom Italia shares slump as Iliad enters Italy market

MILAN, July 6 (Reuters) - Shares in Telecom Italia were halted for excessive losses in early trade on Wednesday after France’s Iliad said it was entering the Italian mobile market.

On Tuesday Iliad said it had agreed to create a fourth Italian mobile telecoms operator, smoothing the way for CK Hutchison Holdings to merge its 3 Italia with Vimplelcom’s Wind.

The French operator said its founder Xavier Niel would sell “in the next few weeks” options he had in Telecom Italia that could have handed him a significant stake in the Italian firm. (Reporting by Stephen Jewkes; editing by Agnieszka Flak)

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