Reports: AT&T Pulling Out of Telecom Italia Stake

A number of media outlets reported on Monday that AT&T Inc. has pulled out of its bid to buy a controlling stake in the investment company that owns Telecom Italia SpA.

Olimpia SpA controls Telecom Italia and AT&T had proposed to buy a one-third stake in the firm, while Mexican affiliate America Movil SA stood to purchase another one-third stake.

America Movil said it is still pursuing its stake.

Italian officials and investors had decried the potential involvement of an American company because they didn’t want their country’s assets falling under foreign control, the Associated Press reported.

AT&T Inc. www.att.com

Share this article: Email, Slashdot, Digg, Del.icio.us, Yahoo!MyWeb, Windows Live Favorites, Furl
Add this article feed to: RSS, My Yahoo, Newsgator, Bloglines