Telecom Italia leading shareholder Telco to be demerged in next two months
Telco, the vehicle that holds 22.4% of Telecom Italia (TI), is likely to be demerged in the next two months, Italian language daily Il Sole 24 Ore reported.
The report cited market sources who said that the members of Telco are already taking steps in regard to their stakes in TI following the demerger of Telco.
The report said that listed Italian insurer Generali is to set up a special vehicle to hold a 4.32% stake in TI. The item said that the aim of the operation is to take the stake out of the direct control of Generali with a view to carrying out a swift sale.
The report said that Mediobanca and Intesa Sanpaolo are also looking to quickly sell their stakes and are likely to set up special vehicles along the same line as Generali. The report said that the two listed Italian banks each hold a 1.64% stake in TI.
The report added that Mediobanca has already said that it plans to sell its shares directly on the Italian Stock Exchange.
The report added that CADE, the Brazilian antitrust authority, and its Argentine counterpart the CNDC still need to approve the demerger of Telco.
The report added that Telefonica, the largest shareholder in Telco, has already agreed to sell its TI stake to Vivendi, the listed French media group.
TI has a market cap of EUR 16.89bn.
Source Il Sole 24 Ore