Telecom Italia, Telefonica Discussed Cuba Stake, Corriere Says

Telecom Italia, Telefonica Discussed Cuba Stake, Corriere Says
By Chiara Remondini

Dec. 10 (Bloomberg) -- Telecom Italia SpA had informal talks with
Telefonica SA on the sale of its 27 percent stake in Empresa de
Telecomunicaciones de Cuba ETECSA, Corriere della Sera reported, without
saying where it got the information.

Telefonica may offer as much as $500 million for the holding, while
Telecom Italia is seeking up to 600 million euros ($779 million), the
daily said.

The two companies aren't negotiating yet and Telecom Italia may decide
to hold an auction for its stake supervised by Cuba's government, which
controls the mobile-phone operator, Corriere said.

To contact the reporters on this story: Chiara Remondini in Milan at
cremondini@bloomberg.net

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