MILAN, June 16 (Reuters) - Intesa Sanpaolo has exercised its right to exit the Telco investor group controlling Italian phone group Telecom Italia, the Italian bank said on Monday.
In a statement Intesa Sanpaolo said the unrealised capital gain on its stake in Telecom Italia was 35 million euros ($47.65 million) before taxes. The bank has already written down the value of its investment in the telecoms group.
Following the demerger, which is conditional on obtaining regulatory clearances, Intesa Sanpaolo said it would hold a direct stake in Telecom Italia of 1.6 percent. ($1 = 0.7345 Euros) (Reporting by Danilo Masoni; editing by Agnieszka Flak)