ITALY'S STET FORMS TELECOMMUNICATIONS FIRM
State holding company <Societa Finanziaria
Telefonica Spa> (STET) said it was forming a new
telecommunications company, <Teleo Spa> that intends to offer
electronic mail systems among its services.
    Teleo plans initial investments of 18 billion lire and
estimates annual sales could reach 90 billion lire within five
years, STET officials said at a news conference.
   STET will have a 10 pct stake in the new firm, with the
remaining share capital held by two STET subsidiaries.
 Reuter
