Mediobanca withdraws from TIM holding company

(ANSA) - Milan, June 16 - 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.