Telecom Italia's shareholding structure always reserves surprises. The latest was communicated by Consob which noted that, following the announcement of the conversion of savings shares into ordinary shares, JP Morgan holds 5,1% of the capital and is to all intents and purposes the second largest shareholder of the telephone company. behind Vivendi (20%) and ahead of Norges Bank (2,77%) and People's Bank of China (2%). For now, however, Xavier Niel has no shares but a complex package of options that will be converted into shares between mid-2016 and 2017.
After the conversion of the savings, the shareholders will be diluted and Vivendì's share will drop to 13,8% while Niel's potential share will settle at 6,9%. JP Morgan had 7% of Telecom Italia in July but then its share fell: however, by virtue of agreements with Telefonica, it will be able to purchase other ordinary shares in July 2017 between 5,39 and 6,74% of the capital.
