Italy Finds a Friend in U.S. Hedge Fund

(Bloomberg) A corporate battle at Telecom Italia SpA shows why it’s tough to be an investor in Italy these days. The government is interfering with a private company to get hold of its most prized asset: the country’s phone and broadband network. The opposition tacitly supports the plan. Italy is playing fast and loose with property rights and no one seems to care. The ruling Five Star Movement has presented a draft amendment to a fiscal decree, which envisages creating a single company to combine the networks of Telecom Italia and Open Fiber, a smaller rival.

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