While the Telco dossier is still traveling on the high seas, a first certainty arrives regarding the share capital of Telecom Italia: 5,132% of the Italian telecommunications group is in the hands of funds headed by the US giant Blackrock. The data is contained in the Consob update on significant shareholdings.
Blackrock was already a shareholder of Telecom Italia with 2,8%, a share reached in May 2010. the exceeding of the 5% ceiling dates back to October XNUMXst, therefore before the BoD of 3 October in which the executive chairman of Telecom, Franco Bernabè, resigned.
Blackrock is one of the largest investment firms globally and manages total assets in excess of $3 trillion. On the US market it has a particularly important position in the ETF and ETC sector, while it is present on Piazza Affari with the range of iShares products listed on the ETF Plus index of the Italian Stock Exchange.
Meanwhile, on the markets, Blackrock's decision to increase its stake is not enough to improve the fortunes of the Telecom share, which at the beginning of the afternoon continues to lose more than two and a half percentage points, cashing the worst fall of the Ftse Mib.
Triggering the latest wave of sales was a Standard & Poor's reports. Yesterday evening, the American rating agency announced that it had placed Telecom's ratings on negative creditwatch (BBB-/A-3). The eventual downgrade, which could arrive in early November, would bring the rating of the company to junk level.
