Telefonica Said to Be Willing to Sell Telecom Italia Stake
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Telefonica SA is willing to exit its six-year investment in Telecom Italia SpA as Italy’s largest phone company considers a combination with Hutchison Whampoa Ltd.’s wireless business in the country, according to two people with knowledge of the matter.
Telefonica is ready to sell its indirect 10.5 percent stake in Telecom Italia as the carriers have failed to generate synergies over the years, said the people, asking not to be identified because the deliberations are private. No decision has been made and Madrid-based Telefonica would be reluctant to do a deal in which it would take further losses.