Italian utility company, which has made its entry into fiber optic broadband, Enel has tabled a formal offer to buy fiber optic company Metroweb, two sources close to the matter said on Thursday. Reuters News reports the latest movement by Enel, that will have implications in the Italian telecommunication market.
The rumor was spreading in the Italian telecom market about the incumbent telecom operator Telecom Italia’s planning to cut jobs in an attempt to survive in a highly competitive market. According to the rumor the operator was supposed to cut 15,000 jobs. Telecom Italia has been facing severe competition from the decision of the government to push Enel, the utility company to enter the broadband market.