Mediobanca confirms plans to sell stakes in Telecom Italia and other companies (translated)
Mediobanca, the listed Italian investment bank, has confirmed plans to sell its 1.16% stake in Telecom Italia, Italian language daily Il Sole 24 Ore reported.
Mediobanca CEO Alberto Nagel said the sale of the stake in TI and a 4.1% stake in listed Italian tyre maker Pirelli is slated for 3Q15.
Nagel also said that Mediobanca would reduce its stake in listed Italian insurer Generali from 13% to 10%, most likely in 1Q16, the report added. He further noted the shares could be used to make a buy in asset management, the article added.
Nagel also confirmed that Mediobanca planned to sell its 6% stake in listed Italian media group RCS but the timing of the sale would depend on the value of RCS' shares.
The report also cited Nagel as welcoming the entry of Vivendi into TI as “great news,” as Vivendi would act as a stable shareholder.
Telecom Italia has a market cap of EUR 19.46bn.
The original article appeared in print; Page 21
Il Sole 24 Ore
--> List of Medionaca Holding (According to bbg)
Generali G IM : 12.46% ~3.83bil
Pirelli PC IM : 3.95% ~ 325mil
RCS Mediagroup RCS IM 9.93% ~69mil
Italmobiliare IM IM 8.14% ~60mil
Nice NICE IM 3.19% 13mil
Piquadro PQ IM 6.33% ~5.8mil