Swisscom writedown in Italy

Swiss phone company Swisscom will suffer a €1.3bn (£1.1bn) writedown, after paying too much for Italian broadband operator Fastweb amid Eurozone troubles. Since Swisscom paid €4.6bn for Fastweb in 2007, the unit’s value has fallen by around 35 per cent. However, chief executive Carsten Schloter insisted he remains committed to Fastweb, adding that exiting Italy would be a “fundamental mistake”. After dipping two per cent yesterday morning, Swisscom shares closed up 2p at 347p.