MILAN Dec 16 U.S. money manager BlackRock
said on Monday its voting stake in Telecom Italia
was 7.789 percent as of Dec. 15, adding it had no
agreements regarding the stake that required disclosure under
In a statement, BlackRock said it had Telecom Italia
convertible debt worth 183 million euros ($252 million),
corresponding to a stake of 1.639 percent.
On Sunday, the head of Italian market watchdog Consob said
it may fine BlackRock for not informing the regulator in due
time that it had increased its stake in the phone group above a
10 percent threshold that triggers a disclosure obligation.
BlackRock said it had not informed Consob or Telecom Italia
that the stake exceeded the 10 percent threshold because it did
not hold voting shares or "an overall long position" that
required it to do so. ($1 = 0.7283 euros)