JP Morgan holds 6,997% of Telecom Italia's capital and is therefore the company's second largest shareholder, behind Vivendi (which rose to 14,9%). This is what emerges from Consob's communications on significant shareholdings. The stake was declared on June 24th and is the result of a portage with Telefonica, which "parked" the shares at the US bank to service the loan convertible into Telecom shares issued on July 24th last year as part of the divestment of the participation.
On June 24, according to Consob communications, "Telefonica communicated that it holds a potential stake in Telecom Italia deriving from the signing of a total return equity swap contract which provides that on July 19, 2017" the Spanish group "will be able to purchase a number of Telecom ordinary shares for a percentage between 5,395% and 6,474% of the current ordinary share capital”.
The faculty to purchase the shares will allow Telefonica to "be able to settle" the convertible bond on Telecom shares "whose maturity is scheduled for July 24, 2017".
