Telefonica is evaluating an offer for the shareholders of Telco, the controlling holding company of Telecom Italia, without increasing its debt, says a source familiar with the situation. "Telefonica does not want to arrive empty-handed at the September 19 board meeting, but the challenge is to find a solution that brings liquidity to Telco shareholders without increasing Telefonica's debt," says a source without giving further indications.
Telco holds 22,4% of Telecom and is 46,18% owned by Telefonica, Intesa Sanpaolo and Mediobanca with 11,62% each and Generali with 30,58%.
The news, after a brief flare up to +3% and a rapid correction that pushes the stock up to approximately +0,5%, brings the prices back around their previous levels. At 16,15 pm, Telecom Italia shares rose by 1,5% to 61,4 basis points, with trading at approximately 150% of the daily average. The stock closed the day with a rise of 1,16% to 0,612.
According to traders, the news confirms the rumors of recent days, according to which the Spanish group is moving towards a merger with Telecom Italia, a less attractive option for the investor than the entry of a new shareholder, via a reserved capital increase. or to a hostile takeover.