Intesa Sanpaolo has exercised its right to request the demerger of Telco. The bank communicates it in a note regarding the holding which controls 22,4% of Telecom. As Mediobanca had also done in the morning, Intesa Sanpaolo therefore requested the demerger of Telco on the first possible day envisaged by the shareholders' agreement, specifying that execution "is subject to obtaining the necessary authorizations from the competent authorities".
Intesa Sanpaolo currently holds approximately 7,3% of Telco's share capital and following the demerger it will directly acquire 1,6% of Telecom's ordinary share capital. Based on the closing price on Friday 13 June, "the interest in Telecom Italia would give Intesa Sanpaolo an implicit pre-tax capital gain of around 35 million euros", concludes the note.
