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Byline: Heather O'Brian in Milan
Italian state-controlled utility Enel SpA agreed Friday, March 21, to acquire the remaining stake it doesn't already own in Wind SpA for [Euro]1.5 billion ($1.6 billion) in cash and debt to better control the telecom's strategy.
The 26.6% stake in Italy's second-largest telecom group is owned by France Telecom SA's Orange SA mobile unit. France Telecom has been selling off assets as it seeks to pare down its debt, which was [Euro]68 billion as of Dec. 31.
Under CEO Paolo Scaroni's year-long reign, Enel has been concentrating on its core power activities and divesting nonrelated investments such as real estate. …