Italian bank Intesa Sanpaolo intends to reveal plans to divest its stake in Telecom Italia’s (TI’s) largest shareholder Telco within “the coming weeks”, according to CEO Carlo Messina.
Speaking to reporters on the sidelines of an event in Padua,…
Italian bank Intesa Sanpaolo intends to reveal plans to divest its stake in Telecom Italia’s (TI’s) largest shareholder Telco within “the coming weeks”, according to CEO Carlo Messina.
Speaking to reporters on the sidelines of an event in Padua, Messina did not provide specific details but said they will soon see what the bank, which has a 7.3% stake in Telco, will do. Its business plan will see it divest all non-strategic investments, he noted.
Telco’s two other Italian shareholders, insurer Assicurazioni Generali and Mediobanca, which have 19% and 7.3% stakes respectively, are both expected to exit their investments this June.
Shareholders in Telco, which has a 22.4% holding in TI, signed an agreement last September which will gradually see lead investor, Spain’s Telefonica, increase its interest in the holding company. From the start of this year, Telefonica has had a call option to acquire all Telco shares. However, the fact that the Spanish and Italian incumbents own Brazil’s two largest mobile operators, Vivo and TIM Brasil, has posed problems. Last December, Brazilian antitrust regulator Cade told Telefonica it must either reduce its stake in Telco or find a new partner to take control of Vivo.
Meanwhile, Egyptian businessman Naguib Sawiris, has said he would be prepared to invest US$1bn-US$2bn in TI if Telefonica exits its investment.
