December 18, 2013 / 6:20 PM / in 4 years

BlackRock says Telecom Italia stake was over 10 pct under SEC rules

MILAN, Dec 18 (Reuters) - U.S. money manager BlackRock said on Wednesday its stake in Telecom Italia was 10.12 percent as of Dec. 16 if calculated in accordance with the U.S. Securities and Exchange Commission requirements.

BlackRock’s holding as of the same day did not cross the 10 percent threshold when calculated in accordance with Italian law, it said in a statement.

The number of ordinary shares BlackRock has registered to vote at Dec. 20 Telecom Italia’s shareholder meeting will remain unchanged at 5.94 percent, the investor said.

The 10.12 percent holding includes ordinary shares that BlackRock would receive upon conversion of Telecom Italia convertible bonds as well as ordinary shares over which it has no voting power.

The Italian telecoms firm will hold a key shareholder meeting on Friday to decide on whether to oust the board.

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