Italian bank Mediobanca has announced plans to exit investment vehicle Telco, the holding company that owns a 22.4 percent stake in Telecom Italia, reports say.
Mediobanca released a statement Monday to announce that it has “exercised its right to request the demerger of Telco permitted under the terms of the shareholder agreement.” Following its exit, Mediobanca will own 1.6 percent of Telecom Italia.
Just last week Assicurazioni Generali announced plans to exit Telco as well. Intensa Sanpaolo has also previously suggested it plans to leave the holding firm.
Should those exits proceed, Spain’s Telefonica will be the largest single shareholder in Telecom Italia, reports say, with a 15 percent stake in the telco.
It could prove to be troublesome for Telefonica, however. The Spanish group is facing opposition in Brazil over its heightened presence, directly through Vivo and indirectly through Telecom Italia-owned TIM Brasil. Brazil’s antitrust authority CADE has ordered Telefonica to abandon at least one of those companies to reduce its market control in Brazil, reports say.
Full content: Wall Street Journal
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.