Telecom Italia is bracing itself for a change in ownership, with Assicurazioni Generali (AG) and Mediobanca (MB) set to sell their stakes in the company.
Bloomberg reports that AG plans to exercise its right next month to sell its 19% stake in Telco, the investment vehicle that owns 22.4% of Telecom Italia, quoting the insurer’s chairman, Gabriele Galateri.
Quoting an unnamed source with knowledge of the matter, it adds that Mediobanca, which holds a 7.3% stake in Telco, will follow suit.
Telco is also backed by Telefónica and Intesa Sanpaolo, and all four parties agreed last September the right for them to unwind their interests in Telco between June 15 and June 30 or February next year.
Reporting on Telefónica’s position on the matter, El Economista says that it is unlikely to increase its stake in Telco – it currently controls 15% – until the Spanish company meets the requirements of competition regulators to reduce its presence in Brazil.
It adds that none of the other stakeholders in Telco are likely to act against Telefónica.
