Telefonica says bought 103 mln euros in Telecom Italia convertible

MADRID Fri Nov 8, 2013 8:37am EST

MADRID Nov 8 (Reuters) - Spain's Telefonica bought 103 million euros of Telecom Italia's convertible bond sold on Thursday, in order mitigate dilution of its stake in the Italian company, the Spanish firm said in a conference call on Friday regarding third quarter financial results.

Telefonica controls the Telco holding company that owns 22.4 percent of Telecom Italia. The total bond was for 1.3 billion euros. (Reporting by Julien Toyer; Writing by Fiona Ortiz)