Telecom Italia Holders Said to Plan Writing Down Stake
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Telco SpA, the largest shareholder of Telecom Italia SpA, is considering writing down the value of its stake in Italy’s biggest phone company by at least 900 million euros ($1.2 billion), according to a person familiar with the matter.
Telefonica SA, Intesa Sanpaolo SpA, Assicurazioni Generali SpA and Mediobanca SpA, which together own 22.4 percent of Milan-based Telecom Italia through holding company Telco, will meet tomorrow to review the stake’s value, said the person, who asked not to be identified because the plan is private. The Telco board may lower the value by at least 30 cents a share from 1.5 euros, the person said.