Four Major Shareholders in Telecom Italia to Discuss Future

By Marc Castro

Apr 10, 2013 09:43 AM EDT

Telecom Italia SpA's stockholders are meeting today to discuss its future moves on votes to be made at the annual shareholders meeting of the largest phone company of Italy. This was confirmed by two individuals who have knowledge of the matter who spoke on condition of anonymity.

The shareholders meeting are Telefonica SA, Assicurazioni Generali SpA, Intesa Sanpaolo SpA and Mediobanca SpA and collectively they own 22.4% of the telecommunications company through a holdings company named Telco SpA. This is the first such coming together of shareholders after initial discussion was undertaken with Hutchison Whampoa Ltd. The topics include the combination of the Italian businesses would provide investors an exit option from the company.

The meeting would be held at the headquarters of Mediobanca in Milan Italy. Another topic for discussion would be the loan refinancing plans for those expiring in May. 

Executives at Assicurazioni Generali and Mediobanca declined to give a statement after being reached by Bloomberg News. Intesa Sanpaolo wasn't able to provide a comment while Telefonica's officials were not available.

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