December 19, 2013 / 5:05 PM / 4 years ago

Telco Italian shareholders say had no talks with Telefonica over BlackRock

MILAN, Dec 19 (Reuters) - Key Italian shareholders in the Telco holding controlling Telecom Italia said they had had no discussions with Spain’s Telefonica over a stake increase in the Italian operator by BlackRock.

Italian banks Mediobanca and Intesa Sanpaolo and insurer Generali made the statement at the request of market watchdog Consob after BlackRock said it had raised its holding in Telecom Italia.

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. Under Italian law, its holding was below 10 percent on the same day.

The exact size of the stake is important because an agreement in the Telco shareholder pact states that if any investors exceeds a 10 percent holding in Telecom Italia, Telefonica can buy more Telecom Italia shares.

Telefonica said in Madrid it had no agreement with BlackRock on Telecom Italia and had bought no shares with voting rights in the company.

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