Telco shareholders reject Telefonica buy-out offer - report

News General Italy 17 SEP 2013
Telco shareholders reject Telefonica buy-out offer - report
The Italian shareholders in the Telco pact controlling Telecom Italia have rejected an offer from Telefonica to buy part of their shares, Il Sole 24 Ore reports without naming its sources. Telefonica had sought to maintain its Italian partners in Telco, in order to avoid raising regulatory problems in South America, where it competes against Telecom Italia in Brazil and Argentina. However, an offer in early September to Mediobanca, Generali and Intesa Sanpaolo to buy part of their shares for EUR 800 million was unsuccessful, the paper said. Telefonica already holds over 46 percent in Telco, and the Italian financial companies can exercise an option this month to sell their stakes. Telefonica is reportedly not interested in a full takeover of Telecom Italia, as it would increase the Spanish company's already substantial debt as well as require the divestment of some activities in South America.

Categories:

General

Companies:

Telecom Italia,  Telefonica

Countries:

Italy

Tags:

Shareholders & subsidiaries, Wholesale, M&A buyouts & divestments

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