Telefonica has announced that the four investors that make up Telecom Italia's holding company Telco SpA have formalised its demerger. In a statement to Spain's market regulator CNMV, Telefonica confirmed that when the demerger is recorded at the Companies Registry, it will have 14.72 percent of ordinary Telecom Italia shares, while Assicurazioni Generali will have 4.31 percent, and Intesa and Mediobanca 1.64 percent each. Four new companies will be created as a result: Telco TE (Telefonica), Telco AG (Generali), Telco IS (Intesa Sanpaolo) and Telco MB (Mediobanca). It added that the eight-year pact among Telco investors will cease to have effect once the demerger is effective.
The breakup of the shareholders’ agreement was confirmed last year in a Telco board meeting but Brazilian and Argentinian authorities have only recently cleared the demerger. The dissolution paves the way for French media giant Vivendi to become Telecom Italia’s largest shareholder after Telefonica proceeds to transfer an 8.3 percent voting stake in the Italian operator as part-payment for Brazilian broadband operator GVT.
