www.WirelessFederation.com/news: Shareholders of Telefonica in the Telco consortium that holds a major stake in Telecom Italia rubbished the reports of the plans to sell their shares to Spanish incumbent. The dismissal came amidst the reports in an Italian newspaper that the three shareholders have agreed to sell their shares in the Telco group to Telefonica, although no formal agreement for the same has been reached.

It was also reported that Assicurazioni Generali, Intesa Sanpaolo and Mediobanca would sell for either €2.2 per share or €2.6 per share. While the former is the price following the group’s recent devaluation, the latter is the price initially written on their balance sheets when they joined Telco in 2007.

If the report would have been true, Telefonica could have gained the control of Telco’s stake in Telecom Italia, which now stands at 22.4%, following Benetton’s withdrawal last year.