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4 years ago
BlackRock says voting stake in Telecom Italia 7.789 pct as of Dec.15
December 16, 2013 / 8:20 AM / 4 years ago

BlackRock says voting stake in Telecom Italia 7.789 pct as of Dec.15

MILAN, Dec 16 (Reuters) - 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 Italian rules.

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)

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