Telecom Italia: Fossati presents documents to Consob to examine Telco control
Marco Fossati, the owner of Findim, the holding that controls 5% of Telecom Italia (TI), has presented a request to Consob to investigate the control of Telco over Telecom Italia. This was reported by La Repubblica and most of the Italian press.
Telco has 22.4% in Telecom Italia and has the majority of the board, despite not having the majority of the votes. In his request, Fossati has asked Consob to analyse all the shareholders meetings since 2008.
On Friday 23 May, Gabriele Galateri di Genola, chairman of listed Italian insurer Generali, which is a shareholder in Telco, said that the insurer will probably sell its stake in Telco in June. Generali, like other shareholders Mediobanca and Intesa Sanpaolo, will ask for the dissolution of Telco between 15 and 30 June, although the deal will be completed within six months, the report said.
Source La Repubblica