MILAN (Reuters) – Telefonica will not exercise a call option to increase to 100 percent its stake in Telco, the holding company that controls Telecom Italia, the chairman of the Spanish telecoms group told an Italian daily on Thursday.
“The structure of the new accords is very clear: Telefonica cannot own more than 49 percent of Telco,” Cesar Alierta was quoted as saying in financial daily Il Sole 24 Ore.
“We have no intention of exercising the call (option).”
Telefonica reached a deal in September with other shareholders in Telco allowing it to gradually take over the investment vehicle.
(Reporting by Valentina Za)