Telecom Italia dumps Telekom Austria stake

22 Jan 2004

Telecom Italia has raised EUR780 million euros by selling its remaining 14.78% stake in Telekom Austria. The funds are expected to be used to pay debt or buy back shares. In a statement, Telecom Italia said it had placed the shares with institutional investors for EUR10.55 each. Privatisation agency OeIAG, which plans to sell its entire 47.2% stake in Telekom Austria by late 2006, has agreed to not sell any shares in the company until at least the end of May.