Telecom Italia rebel investor opposed to sale of Brazil unit

MILAN Thu Dec 5, 2013 5:37am EST

MILAN Dec 5 (Reuters) - Telecom Italia investor Marco Fossati, who is seeking to remove the company's board at a shareholder meeting on Dec. 20, said the solution to a ruling in Brazil "cannot and must not be the forced sale" of the Italian company's TIM unit in the country.

On Wednesday Brazilian regulator Cade ruled Telefonica , which jointly controls Telecom Italia together with three Italian investors, must exit its direct and indirect stake in TIM or seek a new partner for its Brazilian Vivo mobile phone unit.

In a statement from his Findim holding company, Fossati called for Italian authorities to "recognise" that holding company Telco de-facto controls Telecom Italia.

Telefonica and Italy's Assicurazioni Generali, Mediobanca and Intesa Sanpaolo have a 22.4 percent stake in Telecom Italia through investment vehicle Telco.

(Reporting by Danilo Masoni, editing by Stephen Jewkes)

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