Milan

Telecom Italia won't confirm memorandum on H3G

'Preliminary, non-binding contacts' for H3G ongoing

Telecom Italia won't confirm memorandum on H3G

Milan, April 9 - Telecom Italia on Tuesday declined to confirm reports it had signed a memorandum of understanding with Hong Kong-based conglomerate Hutchison Whampoa to take over its Italian mobile-phone unit H3G. Replying to bourse regulator Consob, Telecom reiterated only that "preliminary, non-binding contacts are ongoing, aimed at verifying the feasibility of an integration process". TI stocks have been trading heavily on the reports, with the share value surging to recent highs.

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