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Thursday, November 05, 2009
Telecom Italia Up On HanseNet Deal; Earnings Fall
By Steve Goldstein
MarketWatch Pulse
LONDON -- U.S.-listed Telecom Italia shares were up nearly 5% in early trade as the company reached a deal to sell its German broadband unit Hansenet to Telefonica for 900 million euros ($1.34 billion). Its third-quarter profit dropped to 201 million euros from 626 million euros as it wrote down 540 million euros over HanseNet, with revenue falling to 6.81 billion euros from 7.34 billion euros. Telecom Italia's comparable earnings before interest and tax rose 1.3% to 1.61 billion euros.
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