Telefonica is studying an offer to help fellow investors in Telecom Italia sell their stakes in the Italian firm in a way that would not result in more debt for the Spanish telecoms company, a source familiar with the situation told Reuters on Wednesday (11 September).<\/p>\n
“Telefonica does not want to leave empty-handed, but the challenge is finding a solution that offers liquidity to Telco stakeholders without increasing Telefonica’s debt,” the source said, without elaborating on what specific format the solution might take.<\/p>\n
Telefonica has an indirect 10.5% stake in Telecom Italia through its 46% share of holding company Telco, formed with Italian investors Mediobanca, Intesa Sanpaolo and Generali.<\/p>\n
Those investors are now prepared to sell their shares when they get their first opportunity to leave the shareholder pact on September 28, according to sources.<\/p>\n
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