Mediobanca says exits Telecom Italia investor pact

MILAN, June 16 Mon Jun 16, 2014 3:43am EDT

MILAN, June 16 (Reuters) - Investment bank Mediobanca , one of four key owners of Telecom Italia , said on Monday it had decided to quit ahead of time a seven-year shareholder agreement to control the Italian phone company.

In a statement, Mediobanca said it had exercised its right to request the demerger of the Telco shareholders agreement, leaving it with a direct stake in Telecom Italia of 1.6 percent.

Mediobanca formed the Telco group in 2007 with Spanish telecom operator Telefonica and Italian financial institutions Intesa Sanpaolo and Generali to fend off a takeover bid by AT&T and Mexican tycoon Carlos Slim.

Generali has already announced it had decided to exit Telco, which jointly controls 22.4 percent of Telecom Italia.

(Reporting by Danilo Masoni; editing by Francesca Landini)