The Telco SpA investor group that controls Telecom Italia via a 22.4 percent holding confirmed in a board meeting held on 26 June that the 7-year pact is to be unravelled. All three Italian partners in the Telefonica-dominated group have taken the first opportunity to exit after an agreement reached last September gave them the right to unwind their interests starting on 15 June. “The Board acknowledged receipt of the notices received from shareholders Assicurazioni Generali SpA, Mediobanca SpA and Intesa Sanpaolo SpA on 16 June 2014, stating their intention to exercise their right to request the demerger of Telco under the terms of the shareholders' agreement,” confirmed the group in a statement, adding that Telco will be dissolved as soon as regulators sign off on the plan. After the demerger Telefonica will remain the largest shareholder in Telecom Italia, with a direct stake of 14.77 percent, while Generali will have 4.3 percent and Mediobanca and Intesa Sanpaolo 1.6 percent each.
Telco also approved its financial statements for the year to 30 April 2014, reporting a loss of EUR 952.5 million and confirming that it had written down its stake in Telecom Italia by EUR 830.5 million after the stock slumped. Telco added that its demerger plan will be submitted to the approval of shareholders in an extraordinary general meeting called for 09 July.
