By Alberto Delclaux

Telecom Italia SpA (TIT.MI) said Saturday that it isn't giving up control of the selling process for its Persidera stake despite transferring its holding to a blind trust.

The company said that it had granted a proxy to Advolis SA to act on the upcoming sale, but that this hadn't yet determined any transfer.

The proxy had been solicited by controlling shareholder Vivendi SA (VIV.FR), after the European Commission's deadline to divest the stake was not extended, it said. Vivendi agreed last year to sell Telecom Italia's 70% stake in Persidera in order to win antitrust approval for its acquisition and de facto control of Telecom Italia.

Advolis will act in coordination with Telecom Italia's chief executive on the basis of the offer from Rai Way SpA (RWAY.MI) and F2i--approved already by the board of directors--or other binding offers, the company said.

Write to Alberto Delclaux at alberto.delclaux@dowjones.com

(END) Dow Jones Newswires

March 05, 2018 02:14 ET (07:14 GMT)

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