Telecom Italia increased its cost-cutting target to €1.6 billion ($1.8 billion) from €600 million by 2018 as the Italian operator's new CEO stepped up efforts to improve profitability.
Vivendi announced its stake in Telecom Italia remains at 24.9 per cent, despite the French media company selling off around 0.2 per cent of its shares.
It seemed somehow fitting that the CEOs of two major European operators with what have been very strong ties quit their respective roles within days of each other. First, Marco Patuano of Telecom Italia resigned, with the operator this week confirming he is to be replaced by Flavio Cattaneo. Then Telefónica said long-standing CEO César Alierta is to step down after 16 years in this position. He is to be succeeded by José María Álvarez-Pallete.
Telecom Italia said on Monday that its CEO Marco Patuano has handed in his resignation, which will become effective subject to the relevant approvals of the terms and conditions.
Telecom Italia's parent company shareholders lost out in 2015, as they bore the brunt of a 66.5 per cent fall in the company's overall net profit.
Telecom Italia CEO Marco Patuano said that he had never been asked to sell TIM Participacoes and that he continued to believe in Brazil as a strategic market for the Italian operator, following reports that investor Vivendi had been pushing for a sale of the company's Brazilian unit.
Vivendi is reportedly considering kicking out Telecom Italia's CEO Marco Patuano just days after the French media group increased its stake in the Italian operator to 23.8 per cent.
Italy-based TIM tested full duplex relay technology from U.S. start-up Kumu Networks that is designed to enable the transmission capacity of LTE networks to be doubled from current levels through the use of self-interference cancellation (SIC) techniques.
A new study predicted that around 23 per cent of European mobile towers could end up under the ownership of independent tower companies this year following recent tower divestment announcements by several mobile network operators.
Orange and Bouygues Group faced fresh merger speculation after reports in France said the companies had entered into deep negotiations over an acquisition of Bouygues Telecom.