A major shareholder in incumbent Telecom Italia has re-valued the stock it holds in Telecom Italia at E1.80.
In a statement today, the investment vehicle Telco S.p.A, which holds a 22.4% stake in Telecom Italia, said that the total stake in Telecom…
A major shareholder in incumbent Telecom Italia has re-valued the stock it holds in Telecom Italia at E1.80.
In a statement today, the investment vehicle Telco S.p.A, which holds a 22.4% stake in Telecom Italia, said that the total stake in Telecom Italia was now booked at E5.406bn.
According to Reuters, Telco S.p.A previously had the stake on its books at E2.20.
Telco S.p.A said in its statement that its loss for the period up to the end of April was E1.15bn, after an E1.201bn net adjustment to the value of its investment in Telecom Italia.
Telco S.p.A said that the adjustment reflected a valuation by a leading investment bank, which carried out a fairness opinion on the subject.
TelecomFinance understands that Lazard was this investment bank.
According to Telecom Italia’s interim report published in March, Telco S.p.A shareholders include Telefonica (46.18%), the financial services and insurer Generali Group (30.58%), Intesa Sanpaolo (11.62%) and Mediobanca (11.62%).
