Telecom Italia’s Owners Head for Breakup After Seven Years
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Mediobanca SpA and Intesa Sanpaolo SpA joined Assicurazioni Generali SpA in withdrawing from Telecom Italia SpA’s largest investor group, unraveling a shareholder pact after seven years.
Mediobanca and Intesa said in separate statements today that they exercised their rights to seek a demerger of Telco, the investment vehicle that owns 22.4 percent of Italy’s largest phone company. Generali announced its intention to do the same last week. The three financial investors together hold 34 percent of Telco.