Italian lenders should revamp their investment banking units to create a larger business able to compete on a European scale, according to AlixPartners LLP, a business consulting and financial advisory firm.
A group led by Pirelli & C SpA Chairman Marco Tronchetti Provera won backing from Intesa Sanpaolo SpA, UniCredit SpA and Clessidra SGR to gain more direct control of Europe’s third-largest tiremaker, resolving a shareholder dispute.
Telecom Italia SpA’s board will review the feasibility of a merger with Hutchison Whampoa Ltd.’s Italian business at its next meeting, said Marco Patuano, chief operating officer of Italy’s biggest phone company.
Telecom Italia SpA directors approved a plan to separate the carrier’s fixed-line network, setting a precedent for Europe’s indebted phone companies as they look for new ways to raise funds and bargain for lighter regulations.
Telecom Italia SpA is planning 10 billion euros ($13 billion) in fiber-optic investments for its fixed-network unit, whose spinoff is expected to win board approval today, said two people familiar with the situation.