Italian shareholders seek buyer for Telecom Italia stakes

Reuters News
Posted: Sep 03, 2013 5:54 AM
Italian shareholders seek buyer for Telecom Italia stakes

MILAN (Reuters) - Core Italian shareholders in Telecom Italia, led by Mediobanca, are seeking a buyer for their stakes in the Telco holding that controls the debt-laden telecoms company by September 28, people familiar with the situation said on Tuesday.

Telco controls 22.4 percent of Telecom Italia and its members - Telefonica and Italy's Assicurazioni Generali, Intesa Sanpaolo and Mediobanca - have time until the Sept 28 deadline to exit their shareholder pact.

"Mediobanca is a seller either of Telco or Telecom Italia shares," one of the sources told Reuters. "After September 28 Mediobanca will sell on the market."

One of the sources said Telefonica wanted to keep the status quo in Telecom Italia but would "react immediately" if its control was threatened.

Telefonica and the Italian shareholders declined to comment.

(Reporting by Danilo Masoni, Stefano Rebaudo and Arno Schuetze; Editing by Lisa Jucca)