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Italy: Telecom’s Argentine divestiture sparks dawn raids

By  |  November 14, 2013

Authorities from regulator Consob reportedly searched offices of Telecom Italia Wednesday over the company’s planned divestiture of its Argentinian operations, according to a source.

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    Consob, with the aid of tax authorities, searched Telecom offices following complaints lodged by the operator’s minority shareholders that the decision to divest its Argentine business was not in the shareholders’ best interest.

    Different sources say the sale of the Argentine company, intended to reduce Telecom Italia’s debts, could be made to Fintech Investments, which offered a reported $960 million for the company.

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