US investment bank JP Morgan has reduced its interest in Telecom Italia from 6.997% on 24 June to 4.637% on 1 July, according to a market filing.The company had received the stake from Telefonica, as part of a previous bond deal, becoming TI’s…
US investment bank JP Morgan has reduced its interest in Telecom Italia from 6.997% on 24 June to 4.637% on 1 July, according to a market filing.
The company had received the stake from Telefonica, as part of a previous bond deal, becoming TI’s second-largest investor after Vivendi, which holds 14.9% of the Rome-based telco.
Last year, the Spanish telco issued a €750m bond convertible in TI ordinary shares, due July 2017.
Telefonica signed a total return equity swap agreement with JP Morgan, enabling the telco to re-acquire between 5.395% and 6.474% in TI ordinary shares in two years’ time.
The company told market authority Consob that, in line with local regulations, it will not communicate further stake reductions.
JP Morgan was not immediately available for comment.
