Too many cooks

Telecom Italia’s new dawn is beginning to look a fake. Getting fresh hands on the levers of power at the Italian telecoms operator was supposed to herald better times after its outgoing controlling shareholder, Marco Provera Tronchetti, attracted the government’s wrath and created a damaging management vacuum. But the new regime – the so-called Telco consortium of Intesa and Mediobanca, the Italian banks, insurer Generali, the Benetton family and Spanish telecoms group Telefonica – has made a po...