Italian bank Mediobanca announced
Monday that it would continue to withdraw its investments from
the holding company that has a controlling stake in Telecom
Italia (TIM).
In a statement, Mediobanca said it had "exercised its right
to request the demerger of Telco" permitted under its
shareholder agreement with Telco, which has a 22.4% stake in
Telecom Italia.
Other investors have been taking similar steps.
Last week, insurance giant Generali said its board had
approved plans to pull out of its 19.3% stake in Telco.
Its stake could be sold on the market or directly to
another investor.
Controversy erupted last year over the tightening grip that
Spain's Telefonica SA has on Telco, which controls Italy's
biggest telephone company and former State monopoly TIM.
When it is finished its withdrawal, merchant bank
Mediobanca said it would be left with a 1.6% direct stake in
Telco.
ALL RIGHTS RESERVED © Copyright ANSA