Telecom Italia shareholder Telco to hold cap increase
MILAN, April 28 |
MILAN, April 28 (Reuters) - Italian telephone company Telecom Italia's unlisted main shareholder Telco will undertake a capital increase for an unspecified amount, said Assicurazioni Generali Chief Executive Giovanni Perissinotto on Saturday.
Telco's investors are Generali, Mediobanca, Intesa Sanpaolo and Telefonica. The unlisted holding has 3.4 billion euros in debt maturing by 2013, and Telecom Italia has cut its dividend that fills Telco's coffers.
Telco has agreed to refinance the portion of the debt that is expiring, it said February 29.
Telco has debt worth 2.1 billion euros coming due between May and October and a 1.3 billion euro bond which it can extend to next year.
"All partners will take up their stakes in the capital increase," said Perissinotto at the Generali shareholders' meeting. He did not reveal the amount. (Reporting by Jennifer Clark; Editing by Catherine Evans)
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