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Tiscali Faces Break-up
(30 Apr 2008, BWCS Staff)BT and Vodafone are the main companies left in the bidding for the whole of Italian ISP Tiscali, according to reports in the Italian press. The two UK companies are said to be keen to purchase the British parts of Tiscali's operations as well as its Italian assets. Tiscali has apparently received interest from numerous other would-be suitors; however, almost all of these were keen to take either its UK or its Italian operations - not both.
Despite the clear interest of at least two heavyweight market players in buying the whole of the company's operations, Tiscali's CEO, Mario Rosso, recently said that the ISP is more likely to enhance the value of its assets by selling its UK and Italian businesses separately. The Tiscali head claimed that his company had no deadline in mind by which to complete the sale. Previously newspapers had reported that Tiscali had set a cut-off date of the 5th of May as the final day for bids to be made.
In March of this year, Tiscali hired US investment bank JP Morgan and Italian bankers Intesa Sanpaolo to advise it on the sale.
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