Wednesday, April 25, 2007

Telefónica Leads Investors to Gain Control of Telecom Italia

Telefónica will lead a consortium of investors to acquire Pirelli's stakes in Olimpia, which is the principal shareholder in Telecom Italia.

The new consortium, in which Telefónica holds 42.3% of the shares, will account for 23.6% of Telecom Italia's capital, thus becoming the largest shareholder of the Italian operator. The other members of the consortium include Generali (28.1%), Mediobanca (10.7%), Intensa SanPaolo (10.7%), and Benetton (8.2%).

Telefónica said it looks further to deepening its cooperation with Telecom Italia. Nevertheless, the two companies will be operated separately.


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