Telecom Italia: Fossati rumoured to have tried to sell stake to Telefonica
Marco Fossati, head of Findim, is rumoured to have recently contacted Telefonica, the listed Spanish telecommunication company, reported Il Sole 24 Ore. The Italian language report, which quoted sources, said that Fossati has contacted Telefonica to sell his 5% stake in Telecom Italia but he did not reach any agreement.
The report also said that Fossati met with Alberto Nagel, chief executive of Mediobanca, on 23 September. Nagel explained during the meeting the plan about the merger between Telefonica and Telecom Italia. The report also said that on 23 October, Fossati went on a business trip to London and New York. In particular, he met representatives of Blackrock, which owns 5.13% of Telecom Italia, and other hedge funds. Fossati's plan was to group a pool of investors to get to above 20% and therefore influence the shareholders meeting. The board of Telecom Italia will meet on 7 November with a view of calling an EGM for mid-December.
Source Il Sole 24 Ore