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Tuesday, Sep 3
Telefonica-led shareholder group looking to sell Telecom Italia stake
- Telefonica (TEF) and three Italian companies who collectively own a 22% stake in Telecom Italia (TI) via holding company Telco are looking to sell, Reuters reports. The companies have until Sep. 28 to decide if they want to maintain their stakes for another year.
- There's speculation Telecom Italia, which has held failed mobile merger talks with 3 Italy and (for now) has suspended its wireline spinoff plans, could draw M&A interest in the wake of the Verizon/Vodafone deal.
- Telefonica was opposed to a 3 Italia merger due to the lower valuation a deal could assign to its stake. The European/Latin American carrier has already been carrying out and eying a variety of asset sales, as it looks for ways to further pare a net debt position that still stood at €49.8B ($65.7B) at the end of Q2.