Telecom Italia, Europe's fifth-largest telecommunications company, announced plans to split its fixed-line and mobile phone units into separate companies. After spinning off their mobile operation Telecom Italia Mobile (TIM) in the 1990s, Telecom Italia bought them back and merged them into their existing operation. Last week, they announced that they would listen to offers to buy TIM as they focus the fixed-line business more on delivering broadband content over the Internet. Deutsche Bank has estimated TIM's value at over $53 billion. Amid criticism of the reorganization from investors and the Italian government, an Italian telecommunications regulatory agency announced that they would review the plan. Telecom Italia chairman Marco Tronchetti Provera then resigned his position, although he still owns a large share of the company.