Shareholders in Italian holding company Telco have denied reports saying that they are set to sell their stakes in Telecom Italia to Spain’s Telefonica.
A report in Italian newspaper MF suggested that Italian shareholders in Telco, which owns a 24.5%…
Shareholders in Italian holding company Telco have denied reports saying that they are set to sell their stakes in Telecom Italia to Spain’s Telefonica.
A report in Italian newspaper MF suggested that Italian shareholders in Telco, which owns a 24.5% stake in Telecom Italia, were ready to sell their stakes to Telefonica, which is currently the largest shareholder in Telco.
However, in a brief statementm, Telco shareholders Assicurazioni Generali, Intesa Sanpaolo and Mediobanca said that the story was ‘entirely without foundation’.
In October 2009 the Benetton family opted to exit its shareholding in Telecom Italia while the remaining members of Telco opted to renew their pact until April 2013 but with an option to exit in 2011.
Spanish incumbent Telefonica owns a 42.3% stake in Telco.