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Industry: Email Alert RSS FeedTelefonica SA's plan to purchase stake in Telecom Italia SpA doesn't need EU clearance
Telecommunications Mergers & Acquisitions, July, 2007 by Anonymous
The plan of Telefonica SA to purchase a major stake in Telecom Italia SpA from Pirelli & C SpA does not need the clearance of the European Commission (EU). The four Italy-based associations of Telefonica - Sintonia SA, Assicurazioni Generali SpA, Mediobanca SpA, and lntesa Sanpaolo SpA - said that the commission's competition directorate informed them that their buyout of a 23.6 percent stake in Telecom Italia does not require clearance.
Under this deal, the five companies are supposed to acquire an 18 percent stake in Telecom Italia from Pirelli. Mediobanca and Generali will transfer their holdings in Telecom Italia to Telco, which would be the transaction vehicle for the deal. This will increase the holding firm's stake to 23.6 percent.
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