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Telefonica says no plans to take control of Telecom Italia

14
Nov
2013

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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