With the Telefonica-Telco operation announced this morning, Mediobanca makes a profit of approximately 60 million euros in the first quarter of 2013 (which closes on 30 September) and reduces the pertinent shareholder loan from 78 to 43 million through the Telefonica share swap. This was announced by the institute in a note, specifying that this is possible thanks to Telefonica's partial purchase of the shareholder loan.
Mediobanca explains that it has thus started, in line with what was announced in the 2014/16 strategic plan approved in June, the disinvestment of the Telco equity investment at a premium and ahead of the times required for the dissolution of Telco, improving the qualitative profile of the residual exposure, remaining the opportunity to complete the sale at a premium on the remaining share
After the Telco capital increase subscribed by Telefonica, an operation which values Telecom at approximately 1,1 euro per share, equal to a premium of 85% compared to the current prices, Piazzetta Cuccia's stake in Telco's share capital is reduced from '11,6% to 7,3% (and that in transparency in Telecom Italia from 2,6% to 1,6%).
In the morning, the Mediobanca stock on the Stock Exchange gains 1,8%.
