Telefonica Stake In Telco Is Problematic - Italy Government
September 29 2009 - 9:00AM
Dow Jones News
Spain's Telefonica SA's (TEF) stake in the Telco holding company
that controls Telecom Italia SpA (TI) is a "relevant problem" that
needs to be solved and that the Italian government is watching
closely, a top government official said Tuesday.
In comments confirmed by his spokesman, Italy's undersecretary
for telecommunications, Paolo Romani, also said Telecom Italia's
fixed-line network is a strategic asset that must remain in Italian
hands.
Telco, Telecom Italia's largest shareholder with a 24.5% stake,
is owned by Spanish phone giant Telefonica, Italian banks Intesa
Sanpaolo (ISP.MI) and Mediobanca SpA (MB.MI), insurer Assicurazioni
Generali (G.MI) and the Benetton family.
Telefonica holds a 10% indirect stake in the Italian phone
operator through Telco.
-By Giada Zampano, Dow Jones Newswires; 39 06 69766925;
giada.zampano@dowjones.com