Telecom Italia "freezes" Telefonica merger idea

Ongoing rumors about a possible marriage between Telecom Italia SpA and Spain's Telefonica once again rose and fell yesterday as an Italian newspaper Corriere della Sera article reports that any deal is on hold.

According to the newspaper's report, Telecom Italia SpA's 3-year plan (2010-2012) may delay current company goals for a year and will not incorporate any deal with Telefonica.   

News of the delay did not sit well with investors as shares in Telecom Italia SpA fell 1.8 percent.

For more:
- Total Telecom via Dow Jones has this article

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