Generali to write down Telecom Italia's stake by 65 million euro

Reuters News
Posted: Sep 24, 2013 2:31 AM

MILAN (Reuters) - Assicurazioni Generali, one of the core shareholders in Telecom Italia, said it will write down its stake in the Italian phone company by 65 million euros ($88 million).

The Italian insurer, which has agreed to sell part of its stake to Spain's Telefonica, will book the net impairment in the third quarter, the company said in a statement on Tuesday.

(Reporting by Francesca Landini; editing by Agnieszka Flak)