Investor Telco writes down Telecom Italia stake: sources

MILAN Tue Feb 19, 2013 9:32am EST

A Telecom Italia antenna booster is seen in northern Rome November 12, 2012. REUTERS/Alessandro Bianchi

A Telecom Italia antenna booster is seen in northern Rome November 12, 2012.

Credit: Reuters/Alessandro Bianchi

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MILAN (Reuters) - Telco, the holding company that controls Telecom Italia (TLIT.MI), has written down its controlling stake in the Italian telecoms incumbent by 20 percent, two sources close to the situation said on Tuesday.

The sources said the Telco board had decided to mark down the price of Telecom shares on its balance sheet from 1.5 euros to 1.2 euros.

Telco, which owns 22.45 percent of the telecoms company, is 46.2 percent owned by Spain's Telefonica (TEF.MC), while Italian banks Mediobanca (MDBI.MI) and Intesa Sanpaolo (ISP.MI) hold 11.6 percent each and insurer Assicurazioni Generali (GASI.MI) has 30.6 percent.

Telecom Italia shares were trading down 0.5 percent at 0.62 euros at 1425 GMT.

(Reporting By Stefano rebaudo and Stephen Jewkes)

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