will not exercise an option to increase to 100 percent its stake in Telco, the holding company that controls Telecom Italia In his first interview since Telefonica agreed on a deal to gradually take over its Italian rival by buying out co-shareholders in Telco, Cesar Alierta said he expected other Telco shareholders to keep some or all of their stakes until February 2015. That is when a shareholder agreement among investors in Telco expires. The structure of the new accords is very clear: Telefonica cannot own more than 49 percent of Telco, he told business daily Il Sole 24 Ore. We have no intention of exercising the call (option). Alierta ruled out a merger between Telefonica and Telecom Italia.
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