Italian banks Intesa Sanpaolo and Mediobanca, former investors in Telecom Italia (BIT:TIT)’s recently-dissolved holdco Telco Spa, have sold their stakes on the market.
In a statement, Intesa Sanpaolo said it offered 220m shares at €0.871 each for a…
Italian banks Intesa Sanpaolo and Mediobanca, former investors in Telecom Italia (BIT:TIT)’s recently-dissolved holdco Telco Spa, have sold their stakes on the market.
In a statement, Intesa Sanpaolo said it offered 220m shares at €0.871 each for a total €191m (US$213m), in line with book value.
A Mediobanca spokesperson told TelecomFinance that the bank sold its 1.6% stake on the market, without elaborating further.
Last week, insurer Generali sold most of its 4.307% stake in the Rome-based incumbent, according to a filing with market regulator Consob.
Further to the sale, Generali holds a 0.076% interest in TI.
The divestments follow the break-up of Telco in early June. The holdco was set up in 2007 to fight a takeover of Telecom Italia by AT&T and America Movil, but has been a money-losing venture for its investors.
Further to the demerger, Telco’s former shareholders, which also included Spain’s Telefonica, were free to sell their shares.
Telefonica transferred its 8.24% stake to French media group Vivendi last week as part-payment its acquisition of Brazilian broadband provider GVT.
Vivendi, which acquired an additional 6.6% stake, is now Telecom Italia’s largest shareholder with a 14.9% holding.