Telecom Italia main shareholder to vote against board removal proposal

MILAN Thu Dec 19, 2013 8:30am EST

MILAN Dec 19 (Reuters) - Telecom Italia's controlling investor Telco said on Thursday its shareholders had unanimously confirmed their intention to vote against a proposal to remove the board of the Italian telecoms operator.

Telecom Italia shareholders are heading for a showdown on Friday when they will decide on a proposal by 5 percent investor Findim to oust the entire board to loosen Telefonica's grip on its Italian rival.

Telco controls 22.4 percent of the phone company.

Telefonica has 66 percent of Telco and has the option to gradually take over the stakes in the vehicle held by its Italian partners Assicurazioni Generali, Intesa Sanpaolo and Mediobanca from 2014.

(Reporting by Stephen Jewkes, editing by Isla Binnie)

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