- Sources tell Bloomberg Telefonica (TEF) has reached a deal to lift its stake in holding company Telco to 65% from a current 46%. That means Telefonica's indirect stake in Telecom Italia (TI) will be raised to 14.6% from a current 10.3%.
- Telefonica is said to be paying a full €1/share for the TI shares it's acquiring from fellow Telco shareholders. That represents a 69% premium to TI's Monday close in Milan.
- The Telco shareholders also reportedly agreed to extend the period during which their shareholder agreement can be revoked by 6 months. This gives them a chance to hear out CEO Franco Bernabe's Oct. 3 presentation, and for Telefonica to keep pushing for a sale of Telecom Italia's Brazilian unit.
- TI now +6.7% AH.
- Previous: Telefonica reportedly reaches deal to up Telecom Italia stake
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