Italian insurer Generali sold most of its 4.307% stake in Telecom Italia on 22 June, according to a filing with market regulator Consob.Further to the sale, Generali holds a 0.076% interest in the telco.On the same day, French media group Vivendi raised…
Italian insurer Generali sold most of its 4.307% stake in Telecom Italia on 22 June, according to a filing with market regulator Consob.
Further to the sale, Generali holds a 0.076% interest in the telco.
On the same day, French media group Vivendi raised its stake to 6.66%, and two days later to 14.9% after receiving an additional 8.24% shares from Telefonica as part-payment of the Spanish telco’s acquisition of Brazilian broadband provider GVT.
However, according to a Reuters report, Generali shares were sold on the market, not to Vivendi, which is now Telecom Italia’s largest investor.
The divestment follows the break-up of Telco Spa, TI’s former holdco, earlier this month. Further to the demerger, Telco’s former shareholders – Telefonica, Mediobanca, Intesa Sanpaolo and Generali – were free to sell their shares.
Last week, Alberto Nagel, CEO of Mediobanca, which is 7.46% owned by the Bollore Group, ruled out selling the bank’s 1.6% stake in TI to Vivendi chairman Vicent Bollore, adding that the stake will be offered to the market.
