Italian banks Mediobanca and Intesa Sanpaolo have joined insurance firm Generali in stating their intention to exit Telco, the holding company that controls 22.39% of Telecom Italia (TI). According to Bloomberg, the banking duo have issued separate statements confirming that they have exercised their rights to dissolve the holding company. As previously reported by TeleGeography’s CommsUpdate, Generali announced its intention to do the same last week.
Under the terms of the initial Telco agreement, Telefonica retains the right to buy the stakes held by its partners, and if all goes to plan, when the dust settles, the Spanish giant will end up with a direct stake of around 14.77% in TI.
Currently, Telefonica holds a 66.00% stake in Telco, while Intesa Sanpaolo and Mediobanca each hold a 7.34% stake. Generali holds 19.32% of the company. The Telco partners paid Pirelli EUR4.16 billion (USD5.95 billion) in 2007 for the indirect interest in TI and went on to combine this stake with their existing investments.