Mediobanca Divests Stake In Telco
News: Italian investment bank Mediobanca has divested part of its stake in Telco, the holding firm controlling Italian incumbent operator Telecom Italia, to Spanish telecoms operator Telefónica. Under the deal, the investment bank sold Telco shareholder loans worth EUR35mn (US$48.30mn) to Telefónica, in return for EUR94mn (US$129.72mn) in shares in Telefónica. The divestment will see Mediobanca retain a 7.3% stake in Telco, from the 11.6% held originally. The deal will reduce the bank's indirect stake in Telecom Italia to 1.6% from the earlier 2.6%.