Mediobanca won't invest more money in Telecom Italia
MILAN, Sept 17
MILAN, Sept 17 (Reuters) - Mediobanca does not plan to invest any more money in telecoms operator Telecom Italia, an investment that has resulted in heavy losses over time and that the bank would rather exit, Chief Executive Alberto Nagel said.
Mediobanca is one of four core investors indirectly owning a joint 22.4 percent stake in Telecom Italia through holding Telco. Mediobanca, which bought its stake at 2.8 euros a share in 2007, wrote down the value of Telecom Italia shares to 0.5 euros at the end of June, just below current market prices.
"This is not in line with our purpose. We are rather sellers than ready to put in any additional money," Nagel said in a conference call when asked whether Mediobanca was ready to invest any more money in the debt-laden telecoms company. (Reporting By Lisa Jucca; Editing by Agnieszka Flak)
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