Italy likely to discuss use of ‘golden power’ over Telecom Italia on Monday: government source

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FILE PHOTO: Telecom Italia logo is seen at the headquarters in Milan

ROME (Reuters) – Italy’s Cabinet is likely to discuss on Monday the use of its so-called “golden power” that allows it to intervene to protect strategic companies, a government source said on Friday, amid concern over ownership of Telecom Italia.

The discussion is likely to center on Telecom’s Sparkle unit that controls its submarine cable network, the source said.

French media group Vivendi’s became Telecom’s top investor with a 24 percent stake last year, but it denies controlling the company.

In a related move, the government passed a decree on Friday that will regulate the use of the “golden power” in the future, the source said.

(Reporting by Francesca Piscioneri, writing by Steve Scherer, editing by Valentina Za)

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