Telecom Italia shareholders to exit stakes next month
Telecom Italia shareholders Assicurazioni Generali and Mediobanca are reportedly planning to sell their stakes in the Italian company next month.
Gabriele Galateri, chairman at insurance firm Assicurazioni Generali, said today that the firm will exit its holding in June, and a person close to the matter told reporters that investment bank Mediobanca is also planning to sell its shares next month.
Under the terms of a shareholder pact, stakeholders must notify other members that they want to sell out by June, or wait until next February.
Generali owns approximately 19% of shares in investor group Telco – which owns 22.4% of Telecom Italia – bringing Generali’s holding in Telecom Italia to an estimated 4.3%.
Mediobanca’s shares in Telco come to 7.3%, making the investment bank’s holding in Telecom Italia approximately 1.6%.
Telecom Italia shares have fallen by up to 1.6% following reports that large amounts of stock may come to market in Milan, and late last year the company was reportedly discussing a potential restructure in order to manage debts estimated at $28 billion.
In April this year, Egyptian tycoon Naguib Sawiris said he would consider a $2 billion investment in Telecom Italia if the company’s largest shareholder, Spain’s Telefónica, left the group.