(ANSA) - Milan, June 11 - The board of Italian insurer
Generali has decided to exit its holding in Telco SpA, the
investor group that controls the board of Telecom Italia.
Generali owns a 19.3% stake in Telco.
A company statement issued on Wednesday said that Generali
CEO Mario Greco had been tasked with deciding on the details of
implementation.
The stake could be sold on the market or directly to
another investor.
The decision is in line with a 2007 shareholders pact, it
said.
The Trieste-headquartered group noted that the pact would
be binding on Generali until it expires on February 28 next
year, or until the exit has been finalized should this occur
first.
The finalization will be subject to the completion of all
necessary procedures.
Generali noted that the exit is in line with the group's
strategy of actively managing its assets and that it will
facilitate investment management.
Generali to exit Telecom Italia -update
Board tasks CEO Greco with specifics, 'in line with 2007 pact'