Telecom Italia dismisses press report on new plan’s targets

Italy’s former phone monopoly Telecom Italia on Sunday dismissed as “unfounded and harmful for the group” a newspaper report concerning financial targets in a plan new Chief Executive Pietro Labriola is working on.

A report in daily Il Messaggero said Labriola would set very conservative targets, pointing to a decline in revenues and core profit until 2024, adding some board members were calling for more ambitious goals.

“TIM expresses its annoyance and concern about such reconstructions,” the company said in note, adding it would file a complaint with prosecutors and with market regulator Consob. Reuters