Press reports from Italy claim Pirelli’s EUR3.3 billion (USD4.7 billion) sale of a controlling stake in Telecom Italia (TI) will close later this week. Pirelli is selling an 18% indirect interest in the Italian operator to the Telco consortium, which brings together Telefonica of Spain and a number of Italian banks. Although the deal has still to be approved by regulators in Brazil, who have an interest because TI and Telefonica both have rival cellular operations in that country, Il Sole 24 Ore reports that clearance is expected to be given later today and the transaction will close on Thursday.
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