Roberto Colaninno, chairman and chief executive of Telecom Italia, formally abandoned the financial restructuring plan he announced in September. The boards of Olivetti and Tecnost agreed to scrap the plan, which included the transfer of Telecom Italia’s 60-percent controlling stake in Telecom Italia Mobile to Tecnost, the holding company used to acquire control of Telecom Italia. The boards determined it would be too difficult to reach a consensus from both majority and minority shareholders on a share exchange ratio to transfer the controlling stake to Tecnost.
PageMart Wireless Inc. announced it signed a 10-year exclusive strategic alliance with Interbiper to extend the PageMart Wireless network to Nicaragua, expected early next year.
Bell Atlantic Corp. said discussions have been terminated regarding a potential combination of its Nuevo Grupo Iusacell S.A. de C.V. wireless properties in Mexico and cellular properties in the four northern regions of the country. “We will continue to explore options to create a nationwide footprint in Mexico through current licenses, acquisitions, joint ventures or even commercial resale agreements,” said Bell Atlantic International Wireless President and Chief Executive Officer Thomas A. Bartlett.
LHS Group Inc. announced Nextel International Inc., a subsidiary of Nextel Communications Inc., selected LHS Priority Call’s Oryx platform to deliver calling services to business subscribers in Latin America. Nextel said it will deploy closed group calling and prepaid services in Brazil, Argentina, Mexico and Peru. Through LHS Priority Call’s Oryx platform, service providers can offer prepaid calling as well as other enhanced services, such as enhanced messaging and unified communications, LHS said.
Japan’s telecommunications giant Nippon Telegraph and Telephone Corp. said it plans to cut 21,000 jobs by 2003 as part of a business reform plan. The company said it also expects to reduce its capital spending by $8.57 billion during the three-year period by limiting annual spending to $9.53 billion. The company’s current annual expenditure is $12.3 billion.
