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Fastweb shares rally after dodging outside control

Fastweb shares rally after dodging outside control

Shares in Fastweb, an Italian broadband provider under investigation in a money laundering probe, rallied Tuesday after the company avoided the risk of being put under outside administration.
Fastweb is owned by Swisscom AG, whose chief Carsten Schloter temporarily took control of the Italian subsidiary Friday to avoid administration by the state.
Shares opened up 6.5 percent at the Milan Stock Exchange on Tuesday _ the first day of trading after the long Easter weekend _ but dipped a bit later in the day. They were trading up 3.22 percent at (EURO)14,77 ($20) per share in the early afternoon.
Fastweb is being investigated for alleged involvement in a suspected (EURO)2 billion ($2.7 billion) money-laundering ring. It denies accusations and says its was a victim of a criminal organization.


Updated : 2021-04-12 11:30 GMT+08:00