CEO says considering options in Italy but no deadline
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LONDONMILAN, Nov 14 Reuters British telecoms group Vodafone said it was considering a range of options for Italy, the last of the challenging markets it has vowed to tackle, after a return to growth in Germany in the second quarter boosted its top line.

CEO Margherita Della Valle said her steps to simplify the company and focus on customers had delivered growth in 14 out of 17 markets. Spain and Italy remained the exceptions in Vodafone39;s major markets.

Vodafone announced the sale of its Spanish business last month for 5 billion euros, after agreeing in June to merge its UK unit with Hutchison39;s Three.

Della Valle said she had flagged three markets that would benefit from consolidation in May, and action had been taken in two of them.

No operator in Italy delivers returns in excess of cost of capital, no one, she told reporters.

It was a very different situation from Spain, she said, pointing to the strength of its brand and network. The market itself needed action, she said.

We are considering a range of options, she said. We don39;t have deadlines, we don39;t have time lines.

Vodafone executives are examining possible options including a sale or joint venture for its Italian operations, two people familiar with the situation told Reuters, speaking on…