Telefonica: Telco Shareholder Pact Renewed, Sintonia Exits
October 28 2009 - 1:53PM
Dow Jones News
Telefonica SA (TEF) said Wednesday it had agreed with most of
the other shareholders in the holding company Telco that control
Telecom Italia SpA (TI) to renew its pact until April 2013.
In a filing to the Spanish market regulator, Telefonica said
Benetton's (BEN.MI) holding company Sintonia SA would exit the
pact.
Telefonica is the biggest shareholder in Telco, along with
Insurer Assicurazioni Generali SpA (G.MI), bank Intesa Sanpaolo
(ISP.MI) and merchant bank Mediobanca SpA (MB.MI).
Sintonia was the smaller investor in Telco, with an 8.4%
stake.
Telco controls 24.5% of Telecom Italia, giving Telefonica a 10%
indirect stake in the Italian company.
Company Web site: www.telefonica.com
-By Jason Sinclair, Dow Jones Newswires, 34 913958127,
jason.sinclair@dowjones.com