Telefónica’s bid for Telecom Italia stake gets EU clearance

13 Jun 2007

The European Union has reportedly cleared the proposed acquisition by a group of firms, including Telefónica of Spain, of an 18% stake in Telecom Italia. Thomson Financial quoting local newspaper Il Corriere della Sera claims that the Italian antitrust authority is expected to follow the EU’s decision and give the green light to the sale. A decision must also be made by authorities in Brazil, where Telecom Italia and Telefónica control around 50% of the mobile market via their separate subsidiaries.

The stake in Telecom Italia holding company Olimpia is being offloaded by Pirelli and is being chased by a consortium which includes Telefónica, Assicurazioni Generali, the Benetton family, Intesa Sanpaolo and Mediobanca. The transaction could be completed by October, the report suggests.

Italy, Telecom Italia (TIM), Telefonica