Telecom Italia: Telefonica will not exercise call option to take 100% control of Telco until 2015
Telefonica has no intention of increasing its stake in Telco, the holding that controls Telecom Italia, until February 2015, Telefonca CEO Cesar Alierta said in a long interview with Italian language daily Il Sole 24 Ore. Alierta acknowledged that Telefonica had the right to take complete control of Telco from 1 January 2014 but would not do so until the Telco shareholder pact ran out in February 2015.
Alierta also told Il Sole that the Italian members of Telco, Mediobanca, Intesa Sanpaolo and Generali would also remain in Telco until February 2015.
Alierta also said that it would be no problem for Telefonica if Telecom Argentina was not sold off. He noted that Telefonica had no interest in the running of TI's overseas assets, as the Spanish group was focused on turning round TI's domestic operations.
Source Il Sole 24 Ore