Deutsche Bank and Banca IMI have replaced Schroder Salomon Smith Barney (SSSB) and Mediobanca as joint global co-ordinators and bookrunners of the flotation of Albacom, the Italian telecoms firm.

The initial public offering was due in the summer of 2001 but was delayed due to the downturn in the telecoms sector and its timing is now uncertain. Albacom originally planned to raise about €840m ($796m) from selling at least 25% of the company in new shares. However, some of Albacom's shareholders - which include Eni, Italian utility, and British Telecommunications (BT) -now want to sell shares, according to MF, the Italian business newspaper.