Italy’s biggest phone group Telecom Italia is considering adding insurance, digital payments and energy to its business as described in its bylaws ahead of expanding the offering of those services.
Having sold its prized landline grid, TIM, the heir to Italy’s phone monopoly, is looking to reshape its consumer arm to offer clients more services beyond mobile and fixed broadband connectivity, to boost its average monthly revenue per unit.
TIM is considering the changes to its bylaws after Italian postal services operator Poste Italiane, which offers insurance, digital payments and energy services, earlier this year took a stake in TIM.
State-backed Poste is set to become TIM’s single biggest investor with a 24.8% holding, replacing France’s Vivendi.
TIM’s board of directors is expected to discuss the matter on May 23, at a meeting where TIM will decide which topics shareholders will be called to vote upon at its annual general meeting at the end of June, the sources said.
Under Italian laws, any proposed changes to the corporate purpose of a company in its statutory bylaws need shareholder approval. Dissenting investors have the right to withdraw by selling their shares back to the company.
TIM and Poste said last week they are evaluating partnerships to cross-sell services to their respective customers. Reuters