Tiscali ‘unaware’ of shareholder rumours

9 Oct 2008

Italian broadband operator Tiscali is unaware of founder and main shareholder Renato Soru cutting his stake, the company said on Wednesday in response to a newspaper report. Business daily MF reported that JP Morgan was selling a 6.6% stake belonging to Soru and held as collateral. Tiscali ‘has not received any official communication by the shareholder,’ the company said in statement. According to TeleGeography’s GlobalComms database, Soru holds 25% of Tiscali, Italy’s third-placed ISP by market share. At the end of June 2008, the company had 574,000 DSL subscribers in its domestic market, or 5.4% of the total.

Italy, Tiscali