Telecom Italia CEO Says Telecom Firms Need Scale to Survive

Poste Italiane SpA’s €10.8 billion ($12.5 billion) bid for full control of Telecom Italia SpA moves forward much-needed consolidation that will strengthen Europe’s telecom sector, the phone company’s chief executive officer said.

“Today, the digital business is all about scale,” Telecom Italia CEO Pietro Labriola said Tuesday in an interview with Bloomberg Television’s Francine Lacqua. “You need to move fast and have strong financial backing.”