Telefonica obtained a derogation from the shareholders' agreement of Telco, the holding company that holds the controlling stake in Telecom Italia, to subscribe a maximum share of 10,34% of the Telecom convertible loan. This was reported by a note from the Italian telecommunications company.
Telefonica holds 66% of Telco, which corresponds to 14,8% of Telecom Italia, but, in terms of voting rights, it controls 46,18% of the holding, or approximately 10,4% of Telecom. The maximum quota requested by Telefonica therefore allows it not to dilute its shareholding with voting rights.
Telecom Italia recently placed a 1,3 billion convertible bond, maturing in November 2016, reserved for qualified investors. The Spanish group said in recent days that it had bought it for 103 million euros, which corresponds to about 8% of the total.
Telco, which holds 22,4% of Telecom Italia, in terms of voting rights, is owned by Telefonica with 46,18%, by Intesa Sanpaolo and Mediobanca with 11,62% each and by Generali with 30,58 .XNUMX%.
