Telecom Italia Shares Rise as State Lender CDP Prepares to Boost Stake
February 15 2019 - 8:40AM
Dow Jones News
By Patrick Costello
Telecom Italia SpA (TIT.MI) shares rose Friday after the CDP, an
Italian state-owned lender, said it will increase its stake in the
Italian telecoms provider.
The CDP said Thursday that its board had authorized the purchase
of additional shares in Telecom Italia, noting that the increase is
in line with the strategic objectives underlying its holding in the
company.
The decision is also consistent with the CDP's mission of
supporting "national strategic infrastructures" and value creation
in a sector of "primary interest" for Italy, the state-owned lender
said.
At 1302 GMT, shares of Telecom Italia were up 5.1% at EUR0.51.
Shares are up 4.9% on year.
The CDP didn't disclose the amount by which it plans to increase
its current 5% stake in Telecom Italia, although Italian newspaper
La Repubblica reported that CDP is preparing to increase its stake
in the former incumbent to 10% over the next 12 months.
Write to Patrick Costello at patrick.costello@dowjones.com
(END) Dow Jones Newswires
February 15, 2019 08:25 ET (13:25 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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