LONDON, UK, April 23 -- The boards of directors of Télécom Italia and Deutsche Telekom have approved the firms' planned merger, which must now face regulators in the Italian and German governments as well as shareholders of both companies. Under the terms of the stock swap deal, 56 percent of the as-yet-unnamed company will be owned by Deutsche Telekom shareholders and 44 percent by Télécom Italia shareholders. The merger is expected to be completed in the fourth quarter of the fiscal year. Speaking at a London news conference on Thursday, Télécom Italia CEO Franco Bernabe and Deutsche Telekom CEO Ron Sommer emphasized the pan-European plans of the new company, but stressed that the company will also maintain a global focus with an eye toward US markets and possible expansion via acquisitions.