Telecom Italia owned 81% of TIM (short for Telecom Italia Mobile) Hellas at the time.

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Politically, however, selling Telecom Italia to a foreign company is probably still unacceptable. (Only one European telecoms incumbent, Sonera of Finland, has ever fallen into foreign hands.) Because Telecom Italia's profits in both its fixed-line and its mobile business depend on regulation, good relations with the government are crucial.

ECONOMIST: Italy��s biggest telecoms firm faces an uncertain future

Deutsche Telecom ( DT) is paying 9.1%, Telecom Italia ( TI) 5.4%, France Telecom ( FTE) 11.1% and Vodaphone Group ( VOD) a 7.9% dividend.

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