Telecom Italia is to remain in European ownership after a group led by Spain’s Telefonica agreed to buy a controlling stake for 4.1bn euros (2.8bn).
Telefonica and a number of Italian finance firms will acquire an 18% stake in Olimpia, Telecom Italia’s parent firm, from tyre company Pirelli.
Telecom Italia’s share ownership structure means the deal will give the group control over key decisions.
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had called for the firm to remain in Italian hands.
Foreign hostility
US telecoms giant AT&T abandoned a joint bid with Mexico’s America Movil earlier this month, amid growing hostility in Italy to a foreign takeover.
Prime Minister Romano Prodi was among those who urged a domestic bidder to come forward.
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partners include banking groups Mediobanca and Intesa Sanpaolo and insurance business Generali Department of insurance and finance.
Between them, Intesa and General Assicurazioni already own 5.6% of Olimpia’s shares.
The Benetton family has also agreed to sell its 20% stake in Olimpia, although it will remain a member of the controlling consortium.
The deal, which must be approved by the competition finance insurance job
, is expected to be applied event extremal finance insurance modeling modeling probability stochastic
by October.
Telecom Italia is one of Europe’s largest telecoms providers, with about 24 million fixed-line customers in Italy and 32 million mobile users.
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