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Italy Cabinet exercises 'golden power' to protect TIM - PM Gentiloni

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Italy Cabinet exercises 'golden power' to protect TIM - PM Gentiloni

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ROME (Reuters) – Italian Prime Minister Paolo Gentiloni said on Monday he had approved the exercise of the so-called “golden power” to protect former state telephone monopoly Telecom Italia (TIM) <TLIT.MI> as an asset of strategic national importance. Without giving any details, Gentiloni said that he had signed a decree activating the golden power after French media group Vivendi <VIV.PA> became TIM’s top investor with a 24 percent stake last year. Vivendi denies having control of TIM.

(Reporting by Giuseppe Fonte, writing by Steve Scherer)
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