Italys market watchdog Consob is likely to fine Telecom Italia for procedural irregularities over the sale of a 1.3 billion euro ($1.79 billion) convertible bond to Telefonica and other investors, legal sources familiar with the matter said. Consob opened a probe into the bond in November to see whether the operation breached so-called related party procedures. The regulator is expected to send Telecom Italia a letter questioning the irregularities in coming days. Telecom Italia has admitted violations, I think a sanction will arrive, one of the sources told Reuters on Wednesday.
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