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Italy's CDP working on plan to recapitalise Metroweb

Reuters - UK Focus

BRUSSELS, April 13 (Reuters) - Italy state lender Cassa Depositi e Prestiti (CDP) is working with infrastructure fund F2i on a plan to recapitalise fiber optic network provider Metroweb and possibly open up its capital to new investors, CDP Chairman Franco Bassanini said on Monday.

During a press conference in Brussels, Bassanini said the recapitalisation needed to be done rapidly in order to take advantage of public incentives planned by the Italian government to help roll out fiber networks across the country.

He said he believed 4.5-5.5 billion euros needed to be invested to meet government targets of bringing fiber to the home of Italian households.

Metroweb, which has attracted rival takeover interest from Telecom Italia (Other OTC: TIAJF - news) and Vodafone, is currently owned by CDP and F2i. (Reporting by Francesco Guarascio; writing by Danilo Masoni)