Telefonica’s increased control on Telecom Italia dismissed by the shareholders
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.
Telefónica’s bid for Telecom Italia stake gets EU clearance
Telegeography writes…The European Union has reportedly cleared the proposed acquisition by a group of firms, including Telef³nica of Spain, of an 18% stake in Telecom Italia. Thomson Financial quoting local newspaper Il Corriere della Sera claims that the Italian antitrust authority is expected to follow the EU’s decision and give the green light to the sale. A decision must also be made by authorities in Brazil, where Telecom Italia and Telef³nica control around 50% of the mobile market via their separate subsidiaries.
The stake in Telecom Italia holding company Olimpia is being offloaded by Pirelli and is being chased by a consortium which includes Telef³nica, Assicurazioni Generali, the Benetton family, Intesa Sanpaolo and Mediobanca. The transaction could be completed by October, the report suggests.
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