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Intesa Sanpaolo SpA exercises right to request demerger of Telco

Monday, 16 Jun 2014 11:06am EDT 

Intesa Sanpaolo SpA:Says, on June 16, the first date available in the time window specified under the terms of the Telco shareholders’ agreement, Intesa Sanpaolo has exercised its right to request the demerger of Telco.Says the execution is conditional upon obtaining the required clearances from relevant authorities.Says Intesa Sanpaolo to date holds about 7.3 pct of Telco’s share capital.Following the latter’s demerger, the Bank will own a direct shareholding in Telecom Italia, as a result of its pro-quota portion, equal to about 1.6 pct of the Telecom Italia ordinary share capital.Based on the closing price of the Telecom Italia ordinary share on June 13, the Intesa Sanpaolo stake in Telecom Italia would generate an unrealized capital gain, before tax, equal to about 35 million euros. 

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