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. Last Updated: 07/27/2016

Telecom Board Selected

TURIN, Italy -- Shareholders of Telecom Italia SpA have approved a new board dominated by representatives of Olivetti SpA, which won its hostile takeover battle last month.

Olivetti's chief, Roberto Colaninno, who, after the shareholders' meeting Monday, nominated himself chairman and chief executive officer, said Telecom wouldn't sell most of its foreign telecommunications investments and wouldn't reduce its 60 percent stake in Telecom Italia Mobile SpA Italy's largest cellular phone operator.

Colaninno said the firm wouldn't sell its sizeable stakes in phone companies in Argentina, Chile, Brazil, Spain, France and Greece and would even bid for telephone operations in Morocco.