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Telefonica, Italian partners renew TI shareholder agreement
2013-09-24 10:14:00| Telecompaper Headlines
(Telecompaper) Telefonica has reached an agreement with its Italian partners, Mediobanca, Intesa Sanpaolo and Generali, to maintain their shareholder agreement with regard to Telecom Italia and to reinforce the balance sheet of Telco, the holding vehicle which owns 22.4 percent of Telecom Italia. The agreement provides for a capital increase in Telco, by issuing Class C shares without voting rights, which Telefonica will subscribe fully for a total amount of EUR 324 million. Simultaneously, Telefonica will reach 70 percent of the bond issued by Telco for a total purchase price of EUR 424 million, paid for with existing treasury stock. Telefonica thus increases its stake in Telco to 66 percent, while maintaining its existing voting rights at 46.2 percent.
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Category:Telecommunications