MADRID, June 20 Telefonica has sold
bonds it held which are exchangeable for Telecom Italia
, a source at the Spanish telecoms company said on
Friday, adding it had shed them for financial reasons.
Telefonica sold the bonds for 139 million euros ($189.48
million), the source said, having initially invested 103 million
euros in them.
Telefonica has been an investor in Telecom Italia via Telco,
an investment vehicle which held a 22.4 percent stake in the
Italian company and which grouped the shareholding of the
Spanish operator and several Italian banks and insurers.
Without these other shareholders, which have been selling
out, Telefonica would be the largest investor in Telecom Italia,
with a stake of almost 15 percent.
($1 = 0.7336 Euros)
(Reporting by Andres Gonzalez; Writing by Sarah White, Editing
by Sonya Dowsett)