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(Italy - 6.30 pm July 12, 2001/ Hong Kong - July 13, 2001) Tiscali, in a joint statement with Hutchison Whampoa of Hong Kong, the ultimate controlling shareholder of Hutchison 3G Italia (H3G Italy), announced today that it has decided not to exercise its option under H3G Italy Shareholders' Agreement to re-acquire from Hutchison Whampoa 25.2% of the share capital of H3G Italy.
The decision reflects the current objectives and priorities of Tiscali, which is now concentrated on the consolidation of its position as an Internet communication company in Europe, focusing all its activities and financial resources in this direction.
"We have been among the first promoters and supporters of the UMTS in Italy and we strongly believe in H3G Italy's project. H3G Italy has already demonstrated the ability to reach important goals, both for the importance of the project on a European level, and for the capacity to maximize the return of investments," said Renato Soru, President of Tiscali.
"We look forward to continued collaboration with H3G Italy from participation through our shareholding, and we are convinced that our commitment in the consolidation of our business in Europe represents the right point of departure to develop important projects together in the future, " he added.
"We respect the decision of our partner in making such a move, and we will continue to co-operate and seek opportunities to work together, especially since Mr Renato Soru will remain on the Board as special adviser. We are very pleased to continue with our major and controlling share in H3G Italy and we are confident that this will provide good value to the Hutchison Group," remarked Canning Fok, Group Managing Director of Hutchison Whampoa.
Tiscali will retain its current 0.3% stake in H3G Italy and Tiscali and H3G Italy will continue to cooperate in areas of common interest to both businesses, notably relating to content, and multimedia products and services.
Information on H3G Italy
H3G Italy is the first Italian pure 3G ("UMTS") mobile multimedia operator. It is currently in the start-up phase of building its infrastructure network and plans to launch its 3rd generation initial service by mid-2002. H3G Italy is also one of the main strongholds of Hutchison Whampoa's 3G global strategy and its shareholders include first-rate Italian and international players in telecommunications, Internet and the new media, publishing and banking. Hutchison Whampoa is the majority shareholder with 78.3% of the corporate capital, followed by CIR (12.9%), S. Paolo Imi (5%), BMI (2%), HDP (1%), Gemina (0.5%) and Tiscali (0.3%).
Information on Tiscali
Tiscali S.p.A., (Nuovo Mercato, Miilan; Nouveau Marche, Paris: 005773), is one of the major and most dynamic Internet companies in Italy and in Europe. The company, founded in Cagliari in 1997, supplies Internet access, content and services, to about 16 million registered users, of which 7 million are active, and to more than 9.5 million unique visitors per month.
For more information:
Hutchison Whampoa - HK
Laura Cheung
+852 2128 1289
Gian Marco Litrico
External Relations H3G Italy
+39 02 52039310
Image Building
Giuliana Paoletti
Mara Baldessari
Simona Vecchies
+39 02 89011300
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