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Bernabè says he learned of Telco deal from press release

Telecom Italia chairman speaks to Senate after Telefonica move

25 September, 12:35
Bernabè says he learned of Telco deal from press release (ANSA) - Milan, September 25 - Telecom Italia (TI) Chairman Franco Bernabè told the Italian Senate on Wednesday that he learned of Spanish operator Telefonica SA's was raising its stake in Telco, the company that controls TI, from press releases.

''We found out from reading press releases yesterday of the recent amendment to the agreement between the Telco shareholders,'' Bernabe said. Bernabe spoke to the Senate after Telefonica SA on Tuesday announced that it had agreed to raise its stake in Telco, the company that controls the Italian phone company, to 66%.

Telefonica SA is paying 1.09 euros for the Telco shares in a 324-million-euro capital increase following an overnight deal and its stake is set to rise to 70% with a further capital increase of 117 million euros following approval by antitrust authorities in Brazil and Argentina.

It has an option to raise this amount to 100% in January 2014.

However, for the moment, Telefonica only has 46.2% of the voting rights, while Generali has a 19.32% stake with 30.6% of voting rights, and Intesa and Mediobanca have 7.34% each, with 11.6% voting rights.

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