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. Last Updated: 07/27/2016

No Transfer for TIM

MILAN, Italy -- Telecom Italia's besieged chief, Roberto Colaninno, bowed to shareholder pressure and abandoned his unpopular restructuring plan Sunday, saying he would rely on industrial prowess to revitalize the former monopoly.

In an embarrassing U-turn, Colaninno and the boards of Telecom's parent companies, Olivetti and Tecnost, voted to scrap the plan to transfer Telecom's lucrative mobile unit TIM to Tecnost.

Colaninno, who masterminded the plan to help pay off 14.9 billion euros ($15.37 billion) of debt run up in his takeover of Telecom Italia earlier this year, made no mention of other plans after the board meetings, which were held at secret locations.