Tronchetti Provera retains hold on Telecom Italia

21 Jul 2003

Marco Tronchetti Provera is to remain in control of Telecom Italia, despite reducing his stake in the telco from 55% to 11.5% in last Friday’s EUR5.2 billion stock buyback. The deal was intended to shorten the chain of holding companies above Telecom Italia in a bid to boost the group’s credit rating and improve transparency. The Italian government continues to hold a 3% golden share in the operator, despite pressure from the European Commission to relinquish it.