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Minister: TPAO will begin buying shares in foreign firms.
Alparslan bayraktar, the Energy Minister of Turkey, said that TPAO, Turkey's upstream oil and 'gas company will'start acquiring shares' in foreign companies as part 'of Ankara’s 'plans 'to develop international partnerships 'to boost its energy exploration. TotalEnergies, a French oil company, announced earlier that it had signed a preliminary agreement to explore 'Turkey’s Black Sea waters in search of hydrocarbons. This is the 'fifth such accord signed by Turkish firms with oil majors this year. "We will soon turn a new page, too." Bayraktar did not elaborate on the fact that TPAO will be entering a new field by purchasing shares in companies overseas. He said that the agreement between TotalEnergies and Ankara would allow both companies to carry out exploration in Angola. Ankara also aims to expand its operations in Libya, Pakistan in the upcoming months. Turkey is pushing to develop its own resources through international partnerships. One of these partnerships includes a partnership with Exxon. This will boost the security of supply and help Turkey become a regional supplier. Reporting by Tuvan Gumrukcu and Can Sezer, Editing by Chizu Namiyama
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Former Brazil spy chief arrested in the United States by ICE
ICE reported on Monday that former 'Brazilian intelligence chief Alexandre Ramagem was 'detained in the United States by ICE. He fled Brazil in September after being convicted of plotting a coup against President Jair Bolsonaro. Ramagem was sentenced to more than 16 years for his involvement in a plot that aimed to overturn Luiz Inacio Lula's victory in the 2022 elections over Bolsonaro. Ramagem's attorneys did not respond immediately to a comment request. He has maintained his innocence for a long time. Paulo Figueiredo - a Bolsonaro ally living in the 'U.S. - said on X, that Ramagem had been arrested for 'a minor traffic offense. Could not verify his arrest or whether it was in relation to Brazil's extradition request. Bolsonaro is a leader of the far right. The case against him, which he brought to light, was used by Donald Trump last year as a reason for imposing steep tariffs on Brazilian products. Trump's response did not derail the case. It ended in September of last year, with 29 convictions. Bolsonaro, for example, is currently serving a sentence of 27 years. Trump lifted most of the tariffs that he had imposed. Ramagem, the head of Brazil’s intelligence agency under Bolsonaro's administration from 2019 onwards, was accused of investigating former President's critics and providing information that would help him discredit Brazil’s electoral system. Reporting by Ricardo Brito and Eduardo Simoes from Brasilia, with additional reporting by Andre Romani from Sao Paulo. Writing by Manuela Andreoni. Editing by Brad Haynes.
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Sources say that Chevron and Shell will sign agreements in Venezuela for oil and gas fields.
Three sources said that Chevron is expected to sign an agreement on Monday to return the Loran field to Venezuela, and to participate in a new extra-heavy crude area in Venezuela's main oil regions. Shell will sign a contract to operate the Loran field. Three sources close to the preparations said that Shell will sign a contract for the Loran gas field. The agreement is part of a series of changes and expansions since the U.S. launched a $100 billion plan to rebuild Venezuela's energy industry after it captured President Nicolas Maduro. Sources said that the agreements, which have not yet been finalized, will be signed in the presence of the acting president Delcy Rodriquez by the oil ministry and the state-owned PDVSA. Chevron, Venezuela's oil minister and other companies did not respond to our requests for comments. Shell refused to comment but had told investors in the past that Loran, which extends into Trinidad and Tobago's Manatee oil field, was a good investment. Sources told us earlier this month that Shell was in advanced discussions with Venezuela's Government in recent weeks about developing oil and gas in South America, including Loran. Sources said earlier this month that Shell had signed preliminary agreements in March with Rodriguez's government to advance the Dragon project, as well as the Carito onshore crude oil and gas areas. Chevron has been in parallel discussions to relinquish Loran. Loran is a field that?it explored years ago and confirmed had more than 7 trillion cubic foot of reserves, but which it did not develop. The U.S. giant is now focusing on expanding Petropiar - its main oil project in Venezuela - into the nearby Ayacucho 8, in the vast Orinoco Belt. Reporting by Sheila Dang and Marianna Pararaga; Editing and production by Julia Symmes Cobb, Paul Simao
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Sources say that the freight rates for Russian Urals crude oil are expected to ease in April.
According to calculations and data from sources, the freight rates for shipping Russia’s flagship Urals crude to India in April weakened, giving exporters an additional $8 per barrel. The Iran War has caused a'surge' in energy prices that has kept benchmark oil prices above $100 per barrel. Urals, the company’s key Indian market, is now trading at a higher price than the North Sea benchmark. The spike in freight prices last month increased exporters' costs, and reduced the benefits of higher crude oil prices. The rates eased in April as the ice conditions at Russia's Baltic port improved and the availability of tankers on the global market increased following the suspension of shipping through Strait of Hormuz. According to traders' calculations and data, the drop in transportation?costs of Urals cargoes sent to India in late April and May could be between $3 and 8 per barrel, depending on where the cargo is loaded and its size. Drone attacks from Ukraine could threaten supplies and revenues coming out of Russia's western port. Early April, Russia's exports increased from March levels. However, the ports of Novorossiisk & Ust-Luga still operate below capacity. Sources said that freight costs for Urals cargoes transported?from the Baltic port of Primorsk to India?stand?at?about 16 million dollars for Aframax tanks carrying 100,000 tons. This compares to roughly $20 million to $23 million per one-way trip?in March. Transport costs for Urals shipments to India from the Black Sea port of Novorossiisk on Suezmax tanks carrying around 140,000 tonnes have also decreased, dropping from $20 million to $21 millions per voyage last month. The majority of Urals shipments is currently handled by shadow fleets that are trying to avoid Western restrictions. This is because Greek shipowners are still cautious to work with Russia, due to the sanctions. (Editing by Mark Potter).
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Uber driver sexual assault case to be tried again after $8.5 Million verdict
Uber will return to court Tuesday after a setback in its first trial before a federal juror to address a second woman's claim that she was sexually abused by a driver booked via the Uber app. The jury trial in Charlotte, North Carolina, expected to last three weeks, is a test of whether the recent $8.5m verdict in Arizona, was an accident or a warning sign for Uber, as it faces over 3,300 lawsuits similar to those in Arizona. The verdicts in both cases could be used to determine the value of any remaining lawsuits, or a possible settlement of all cases. The anonymous plaintiff alleges that her Uber driver grabbed her inner leg just before 2 am in Raleigh, North Carolina in March 2019 and asked him if he can "keep it with me." This prompted her to leave the vehicle. Uber, which is no stranger to safety issues, hasn't denied the occurrence of the incident, but has claimed in court documents that it was a software firm and not a common carrier like a taxi company that had a legal obligation to?protect its passengers under North Carolina laws. Uber claims that even if a plaintiff can prove otherwise, it is not responsible for the actions taken by an independent contractor. Uber has been plagued by the question of whether its drivers are Uber employees or independent contractors. This has legal implications that have lasted for the majority of the company's existence, both in the U.S. The company has been plagued by lawsuits, and policymakers have not reached a consensus. Charles Breyer will preside over the North Carolina trial. Breyer is normally based in San Francisco, and is currently overseeing Uber's mass litigation. Uber's spokesperson stated in a Friday statement that the incident at the North Carolina trial had never been reported to either the company or the?law enforcement agencies and was only brought to light after the plaintiff filed suit. "Sexual abuse is a horrifying crime which we take extremely seriously." The spokesperson stated that we remain committed to investing in technology, policies and partnerships which strengthen safety, prevent harm and support survivors. The lawyers for the plaintiff have not responded to our request for comment. Oklahoma resident claimed that an Uber driver from Arizona harassed her and then sexually assaulted her in 2023 during a trip. In February, a jury found that the driver had been acting as an agent of Uber and held the company accountable for his actions. The jury awarded her $8.5 million as compensatory damages, but refused to award punitive damages. The plaintiff's attorneys had asked for more than $140,000,000 in damages. Uber asked Breyer who presided over the trial to throw out or order a "new trial". Uber also faces more than '500 other cases in California state courts that make similar claims. In September, the?company won the first trial in state court cases. A jury found it negligent, but not significant, that the company had failed to implement measures to protect the plaintiffs' safety. Reporting by Daniel Wiessner, Albany, New York. Editing by Alexia Garamfalvi, and David Gaffen.
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NATO allies reject Trump's Strait of Hormuz Blockade
NATO allies announced on Monday that they will not be 'involved' in President Donald Trump’s plan to close the Strait of Hormuz. Instead, they propose to intervene once the fighting has ended. This move is likely to anger Trump and increase tensions within the alliance. Trump said that the U.S. military would work with other countries in order to block all maritime traffic on the waterway after weekend talks failed. The U.S. Military later clarified that the blockade would only affect ships heading to or leaving Iranian ports. Since the beginning of the war in February, Iran has blocked the Strait to all ships except its own. It is trying to secure a permanent control over the strait and collect levies on ships that use it. "The Blockade is about to begin." "Other Countries will be involved in this Blockade," said Trump on Truth Social Sunday. NATO allies, including Britain and France, said that they would not get involved in the conflict by participating in the blockade. Instead, they are working on an initiative to reopen the waterway where a quarter of the world's oil supply normally passes. The refusal of the US to take part in the alliance is another source of friction between Trump and his opponents. Trump has already threatened to withdraw from NATO, and is considering removing some U.S. soldiers from Europe following several countries' refusals to allow U.S. planes access their airspace for an attack on Iran. CONSIDERABLE SUBSTANCE PRESSURE BBC reported that British Prime Minister Keir starmer said, "We don't support the blockade." He said, "My decision was very clear that no matter what pressure there is, and it's been considerable, we won't be dragged into war." Diplomats reported last week that NATO Secretary General Mark Rutte informed European governments of Trump's desire for concrete commitments to be made in the near term to secure the Strait of Hormuz. Rutte stated on April 9 that NATO could have a role to play in the Strait of Hormuz if all 32 members agreed on the formation a mission. Many European countries have stated that they are willing to help in the Strait, but only if there is an end to hostilities lasting and an agreement between Iran and Europe on not attacking their ships. Emmanuel Macron, the French president, said on X that France would organise a meeting with Britain and other nations to create a multi-national mission to'restore navigation' in the Strait. Macron stated that "this strictly defensive mission, separate from belligerents will be deployed as soon as the situation allows." According to a French diplomatic insider, a meeting could be held as early as Thursday in Paris and London to develop plans for the mission. Source: The initiative, which involves about 30 countries including Gulf countries and India, as well as Spain, Italy and the Netherlands, is aimed at establishing rules for safe passage, and coordination of military vessels in order to escort oil tankers. The source added that the military ships would not be belligerent but would instead provide reassurance. Iran and the U.S. were informed about the mission, but would not play a direct role. According to a senior European official, Britain is working on ways to lower insurance premiums once the fighting stops. Hakan Fidan, the Turkish Foreign Minister, said that the Strait of Hormuz must be reopened diplomatically. He added that creating a multinational force to supervise it would be difficult. At a July summit in Ankara, he called on NATO to reset their ties with Trump. Reporting by Sam Tabahriti and John Irish; writing by Charlie Devereux, Editing by Keith Weir & Peter Graff
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Fuel costs are increasing, so airlines are reducing their prices and cutting back on their outlook.
The U.S. and Israeli war against Iran, which has pushed up jet fuel prices, has shook the aviation industry around the world. Airlines have been forced to increase fares and re-evaluate their financial forecasts. In recent weeks, jet fuel prices have increased from $85-$90 per barrel up to $150-$200 per barrel. This is a major financial blow to an industry that relies on fuel for about a quarter or more of its operating costs. Here is an alphabetical list of the ways airlines are responding to this issue: AEGEAN AIRLINES The Greek airline anticipates that the suspension of Middle East flights and the spike in fuel costs will have a "notable" impact on its first quarter results. AIRASIA X Malaysian Airlines executives announced that the company has cut 10% of its flights in the group and imposed a fuel surcharge of around 20%. AIR FRANCE-KLM The airline group?said that it planned to raise long-haul ticket fares to deal with surging fuel prices, and cabin?fares are set to rise by 58 euros (50 euros) per round trip. AIR INDIA The Indian flag carrier announced it would change its fuel surcharge system from a "flat domestic surcharge" to a grid based on distance. The airline said that surcharges for international routes do not compensate the steep rise in jet fuel costs. AIR NEW ZEALAND On April 7, the airline announced that it would cut flights in May and June, and raise fares. It was one of the first airlines to announce a large increase in ticket prices after the conflict began. The airline also suspended its earnings forecast for the full year due to volatility in the fuel markets. AKASA AIR Akasa Airlines, based in India, announced that it would be introducing fuel surcharges ranging from 199 to 1,300 Indian Rupees ($2 - $14) for domestic and international flights. ALASKA AIR The U.S. carrier said that it would raise fees by $5 for the first bag and $10 for the second for flights in North America, as well for Hawaiian Airlines. The third checked bag was raised from $50 to 200 dollars. AMERICAN AIRLINES The U.S. carrier announced that it would increase the fees for checked baggage by $10 for each of the first two bags, and $150 for the third bag on short-haul and domestic international flights. The airline has also reduced certain benefits for passengers in economy class. The fuel price increase was expected to cause a $400 million increase in the first quarter expenses. CATHAY PACIFIC Hong Kong Airlines announced that it will increase its fuel surcharges by 34% on all routes starting April 1, and to review them every 2 weeks. The CEO of the carrier said that it would maintain its flight capacity despite high fuel costs, but warned that its 10% growth plan for passenger capacity could be altered if demand drops due to high fuel prices. CEBU AIR The Philippines-based carrier said that the sharp increase in fuel prices is a major concern. It will continue to review pricing and network strategies and try to minimize the impact. CHINA EASTERN EXPRESS AIRLINES Air China said that it would increase fuel surcharges on domestic flights starting April 5. Flights of less than 800km will be charged a surcharge of 60 yuan, and flights over 800km will be charged a surcharge 120 yuan. DELTA AIR LINES Delta announced that it would reduce capacity by around 3.5 percent points from its initial plan, and increase fees for checked baggage in order to offset the rising costs of jet fuel. The price increase will be $10 for the first and second bags, and $50 on the third bag. The U.S. carrier pulled all planned growth in capacity for the current quarter, and forecast profits below Wall Street expectations. Delta CEO stated that it would not update the full-year forecast due to uncertainty about how long fuel prices would continue. EASYJET EasyJet CEO Kentonjarvis says European consumers can expect to pay higher ticket prices at the end of summer when fuel hedges end. FRONTIER AÉRIENS Fuel prices have risen significantly since the airline's last forecast, prompting it to review its full-year outlook. GREATER BAY Airlines The Hong Kong-based firm said that it would increase fuel surcharges for most routes on April 1 while maintaining them at the same level on routes to mainland China and Japan. The carrier has announced that the surcharge on flights between Hong Kong, Philippines and other destinations will be more than doubled. HONG KONG Airlines The airline announced that it would increase fuel surcharges up to 35% starting March 12. The biggest increases would be on flights between Hong Kong, Bangladesh, and Nepal where the charges would go from HK$284 to HK$384 (US$49). British Airways' owner IAG stated on March 10, that it does not intend to increase ticket price immediately as it has hedged a large amount of fuel in the short to medium term. INDIGO India's largest airline announced that it will begin charging fuel fees on both domestic and international flights as of March 14. The charges include 900 rupees per flight to the Middle East, and 2,300 rupees per flight to Europe. Sources say that the company is lobbying for fuel tax reductions by the Indian government. JETBLUE AERWAYS Low-cost airline based in the United States has announced that it will increase fees for optional services, such as checked luggage, due to "rising operating expenses". The airline said that baggage prices would rise either by $4 or $9. Sources with knowledge of this matter have confirmed that KOREAN Air will be in emergency mode as soon as April begins, due to the rising cost of oil. The airline will implement a phased response based on the oil price level and increase company-wide efficiency to offset rising fuel costs. PAKISTAN INTERNATIONAL FLIGHTS Fuel surcharges are cited as the reason for raising domestic fares up to $20, and international fares up to $100. Scandinavian Airlines announced that it would cancel 1,00 flights in April due to high jet fuel and oil prices. In March, the airline had cancelled "a couple hundred" flights. SAS, which has already raised flight prices, stated that the surge in fuel costs would be a major blow to the aviation sector, even if they tried to absorb them. SPRING AIRLINES Budget Chinese airline announced that it will increase fuel surcharges for domestic flights starting April 5. Details to be announced in due course. SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWAST AIRLINES The American carrier announced that it would increase checked baggage fees by $10 per bag for the first one and the second. This will bring the cost to $45 and $55 respectively for the first bag. The Portuguese airline claimed that its price increases would partially offset the impact of fuel prices changes on its revenues. THAI AIRWAYS The Thailand-based airline said that it would increase fares between 10% and 15% in order to combat rising fuel prices. TURKISH AIRLINES LUFTHANSA SunExpress, the joint venture between Turkish Airlines, Lufthansa and Lufthansa announced that it would be imposing a temporary fuel charge of 10 euros per person on routes between Turkey, Europe and Canada from May 1. The fuel surcharge will be applied to all bookings made after April 1, for departures after May 1. Turkish Airlines announced on April 10, that it would not be distributing any dividends from its net profit for 2025, instead choosing to keep the earnings and preserve cash. T'WAY AIR South Korean low-cost carrier announced on April 13 that it will furlough cabin crew in May and/or June without pay as part of measures to combat the effects of the Middle East war. UNITED AIRLINES Scott Kirby, CEO of the U.S. carrier, said that the airline will cut unprofitable flights in the next two quarters to prepare for the oil price remaining above $100 by the end 2027. Andrew Nocella, Chief Commercial Officer at United Airlines, said that the airline was able to raise fares in response to a rapid rise in jet fuel and oil prices. In an email, the carrier said that it would also be increasing the first and second checked bags fees by $10 to customers traveling in Mexico, Canada, and Latin America. VIETJET A potential fuel shortage has led to the Vietnamese budget airline reducing flight frequencies on certain routes. VIETNAM Airlines Vietnam's Aviation Authority announced that the carrier will cancel 23 flights per day on domestic routes starting in April after it requested assistance from the government to remove an environment tax on jet fuel. VIRGIN AUSTRALIA Virgin Australia announced that it would be adjusting its fares in order to reflect the rising costs across the aviation industry, which were reportedly being exacerbated by the Middle East situation. WESTJET Canadian Press reported that the airline would add a fuel surcharge of C$60 ($43), and will combine some flights to reduce costs.
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Airline cancels flights due to Middle East conflict
The global air travel industry is still severely affected by the Iran War. Many people are unable to reach their destinations as planned after major Middle Eastern hubs such as Dubai, Doha, and Abu Dhabi were closed. The latest flight information is listed below alphabetically: AEGEAN AIRLINES The largest airline in Greece has cancelled flights to Riyadh, Amman and Tel Aviv until June 27. Erbil, Baghdad and Dubai flights were cancelled until July 2. AIRBALTIC AirBaltic, a Latvian airline, has announced that flights to Tel Aviv are cancelled until May 31. Dubai flights are cancelled until 24 October. AIR CANADA The Canadian carrier has canceled flights to Tel Aviv, Dubai and other destinations until September 7. AIR EUROPA Spanish Airlines has cancelled all flights to Tel Aviv from May 3 until now. AIR FRANCE-KLM Air France has suspended Tel Aviv flights to Beirut, Dubai, and Riyadh until May 3. KLM suspends flights to Riyadh and Dubai until the 17th of May. CATHAY PACIFIC Hong Kong Airlines has cancelled all flights to Dubai and Riyadh up until 30 June. In April, the airline will increase its passenger flights from London, Paris, and Zurich to Europe to meet a spike in demand. The U.S. carrier cancelled all New York-Tel Aviv flight and has delayed the start of its Atlanta to Tel Aviv route till September 5. The launch of the Boston-Tel Aviv flight, originally scheduled for?late October?, has now been postponed until further notice. EL AL ISRAEL AIRLINES Customers who had planned to leave Israel by April 18th have been informed that their flights, including return flights, have been cancelled. From April 13, the number of destinations will be increased to 30 and then gradually increase throughout the rest the month. EMIRATES After a partial opening of the regional airspace, Emirates Airlines has announced a reduced schedule. ETIHAD AERWAYS The UAE carrier?said that it operates a commercial flight schedule from Abu Dhabi to around 80 destinations. FINNAIR The airline has cancelled all flights to Doha until July 2 and continues to avoid the airspaces of Iraq, Iran Syria, and Israel. Dubai flights will only be resumed in October. FLYNAS The Saudi budget airline has suspended flights until April 15 to Dubai, Abu Dhabi Sharjah Doha, Bahrain Kuwait Iraq and Syria. British Airways, owned by IAG, will reduce flights to the Middle East once services resume. The airline will permanently drop?Jeddah from its list of destinations, but add capacity in India and Africa. The plan is to reduce the number of flights to Dubai, Doha, and Tel Aviv from two daily flights to one per day starting in July. Riyadh will be reduced from two to one daily flight from mid-May. The changes will apply until the end of the summer season on October 24. One Dubai service will restart on October 16. Iberia Express, the Spanish low-cost carrier of IAG, has cancelled all flights to Tel Aviv until May 31. JAPAN AIRLINES Japan Airlines suspends scheduled Doha-Tokyo and Tokyo-Doha flight schedules until May 10. Japan Airlines has also announced additional flights between Tokyo, London and Doha on April 25. The Polish airline has suspended flights to Tel Aviv till May 31. The airline also cancelled flights from March 31 until May 30 to Beirut and Riyadh. The airline will operate its winter route to Dubai from October. LUFTHANSA GROUP Lufthansa and Swiss Airlines suspended flights from Dubai and Tel Aviv to Abu Dhabi until May 31. They also suspended flights to Amman, Beirut and Dammam. Riyadh and Erbil were also affected. Lufthansa Cargo will remain the same except for Tel Aviv, which is suspended until April 30. Eurowings, a low-cost airline, plans to suspend its flights to Tel Aviv and Beirut through April 30, and to Dubai, Abu Dhabi, and Amman until October 24. MALAYSIA AIRLINES Malaysian Airlines has suspended flights to Doha from June 14 until further notice. NORWEGIAN AIR The low-cost airline has delayed the launch of its Tel Aviv, Beirut and Beirut services until June 15. PEGASUS Pegasus Airlines, Turkey's national airline, has cancelled all flights to Iran, Iraq, Amman Beirut, Kuwait Bahrain Doha Dammam Riyadh Dubai Abu Dhabi Sharjah and Abu Dhabi until May 1. ROYAL MAROC Moroccan airline says that flights to Doha and Dubai are cancelled until June 30, while those to Doha will be suspended until May 31. QANTAS Australia's national carrier has added flights to Rome, Paris and other European destinations to meet the increased demand. The number of flights to Paris will be increased from three to five weekly return flights, and the Perth to Singapore service will go from daily to ten flights per week. A new schedule will be implemented gradually for flights starting in mid-April, and running until late July. QATAR AIRWAYS The airline?said that it will gradually increase flights from Doha, to more than 120 destinations by the middle of May. SINGAPORE Airlines In response to increased demand, the carrier has extended the suspension of Singapore-Dubai flights until May 31. TURKISH AIRLINES SunExpress - Turkish Airlines' joint venture Lufthansa has cancelled flights from Dubai to April 30. WIZZ AIR Low-cost airlines have suspended flights from Europe to Israel, Dubai, Abu Dhabi, and Amman until the middle of September. All flights to Medina are suspended permanently. (Compiled by Josephine Mason and Jamie Freed. Elviira Loma, Tiago Branao, Agnieszka Olenka, Bernadette HOG, Boleslaw LaSocki, Romolo TOSIANI. Editing by Sumana Nady, Joe Bavier Mark Potter and Milla Nussi-Prussak
Sources: Telecom Italia selects Goldman Sachs and Evercore to review Poste's bid
Two sources familiar with this matter have confirmed that Telecom Italia has appointed 'Goldman Sachs' and 'Evercore’ as advisers to review the cash-and-shares offer from the state-backed conglomerate Poste Italiane in order to take??the phone???group private.
Telecom Italia declined comment. Goldman Sachs, Evercore and Telecom Italia were not available to comment immediately.
Poste, a state-backed conglomerate, announced last?month a bid of 10.8 billion euros to take TIM 'private' and create a digital champion in the country. This would strengthen control by the state over assets that deal with critical data for households and corporations.
Poste would gain control over TIM's network of data centres and its cybersecurity unit,?Telsy. This deal would expand Poste's digital services role for consumers, government, and large companies.
TIM's Board met on Monday and appointed advisers to determine whether Poste's offer adequately reflects TIM's value.
Poste, a company that offers services in logistics, financial, payment, broadband, and insurance, forecasts a yearly benefit of?700 millions euros from the combination.
This is TIM's largest investor, with 27%. This holding will drop to around 20% when TIM converts its outstanding special shares into ordinary stock in May.
The financial conglomerate?amassed its stake last year by buying tmost from France's Vivendi. (Reporting and editing by Gavin Jones, Elvira pollina)
(source: Reuters)