MADRID, June 20 (Reuters) - 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)