![A broken Telecom Italia public telephone is pictured in downtown Milan, December 16, 2013. BlackRock upped its stake in Telecom Italia to make it the struggling firm's second-biggest investor ahead of a A broken Telecom Italia public telephone is pictured in downtown Milan, December 16, 2013. BlackRock upped its stake in Telecom Italia to make it the struggling firm's second-biggest investor ahead of a](https://c8.alamy.com/comp/2CJKRW5/a-broken-telecom-italia-public-telephone-is-pictured-in-downtown-milan-december-16-2013-blackrock-upped-its-stake-in-telecom-italia-to-make-it-the-struggling-firms-second-biggest-investor-ahead-of-a-vote-for-control-but-did-not-say-if-it-would-side-with-top-shareholder-telefonica-or-rebels-fighting-the-spanish-firms-strategy-reutersstefano-rellandini-italy-tags-business-telecoms-2CJKRW5.jpg)
A broken Telecom Italia public telephone is pictured in downtown Milan, December 16, 2013. BlackRock upped its stake in Telecom Italia to make it the struggling firm's second-biggest investor ahead of a
![Telecom Italia technicals office personnel work in a telephone exchange in Rome, December 20, 2013. Prime Minister Enrico Letta pledged on Friday to protect investment in Italy's telecommunications network but said the Telecom Italia technicals office personnel work in a telephone exchange in Rome, December 20, 2013. Prime Minister Enrico Letta pledged on Friday to protect investment in Italy's telecommunications network but said the](https://c8.alamy.com/comp/2CYA8YH/telecom-italia-technicals-office-personnel-work-in-a-telephone-exchange-in-rome-december-20-2013-prime-minister-enrico-letta-pledged-on-friday-to-protect-investment-in-italys-telecommunications-network-but-said-the-government-took-no-side-in-a-dispute-over-the-role-of-telecom-italias-main-shareholder-spanish-group-telefonica-reutersalessandro-bianchi-italy-tags-business-telecoms-2CYA8YH.jpg)
Telecom Italia technicals office personnel work in a telephone exchange in Rome, December 20, 2013. Prime Minister Enrico Letta pledged on Friday to protect investment in Italy's telecommunications network but said the
![A man talks on his mobile phone in front of the headquarters of Brazilian broadband company GVT in Curitiba August 28, 2014. French media company Vivendi picked Telefonica for exclusive talks over A man talks on his mobile phone in front of the headquarters of Brazilian broadband company GVT in Curitiba August 28, 2014. French media company Vivendi picked Telefonica for exclusive talks over](https://c8.alamy.com/comp/2CYB9K4/a-man-talks-on-his-mobile-phone-in-front-of-the-headquarters-of-brazilian-broadband-company-gvt-in-curitiba-august-28-2014-french-media-company-vivendi-picked-telefonica-for-exclusive-talks-over-the-sale-of-its-brazilian-broadband-unit-gvt-spurning-a-rival-bid-from-telecom-italia-telefonica-aims-to-fold-gvt-into-brazils-leading-mobile-phone-network-vivo-using-gvts-pay-tv-and-broadband-services-to-chase-higher-value-customers-and-keep-profits-growing-as-mobile-subscriber-growth-slows-in-the-nation-of-almost-200-million-reutersrodolfo-buhrer-brazil-tags-business-telecoms-society-2CYB9K4.jpg)
A man talks on his mobile phone in front of the headquarters of Brazilian broadband company GVT in Curitiba August 28, 2014. French media company Vivendi picked Telefonica for exclusive talks over
![Cables of optical fibre of Telecom Italia are seen in a telephone exchange in Rome, December 20, 2013. Prime Minister Enrico Letta pledged on Friday to protect investment in Italy's telecommunications network Cables of optical fibre of Telecom Italia are seen in a telephone exchange in Rome, December 20, 2013. Prime Minister Enrico Letta pledged on Friday to protect investment in Italy's telecommunications network](https://c8.alamy.com/comp/2E688GH/cables-of-optical-fibre-of-telecom-italia-are-seen-in-a-telephone-exchange-in-rome-december-20-2013-prime-minister-enrico-letta-pledged-on-friday-to-protect-investment-in-italys-telecommunications-network-but-said-the-government-took-no-side-in-a-dispute-over-the-role-of-telecom-italias-main-shareholder-spanish-group-telefonica-reutersalessandro-bianchi-italy-tags-business-telecoms-2E688GH.jpg)