Tiscali confirms founding shareholder sold 1.5%

10 Oct 2008

Further to yesterday’s story that Italian broadband operator Tiscali was unaware of a reduction of the stake of main shareholder and founder Renato Soru, the company has now confirmed that Soru has reduced his stake by 1.5% to 20%. Business daily MF had reported that JP Morgan was selling a 6.6% stake belonging to Soru and held as collateral. Tiscali said in a statement the 6.6% was wrong and that the sale was linked to a partial reimbursement to JP Morgan for the underwriting of Soru’s stake in a capital increase in January. Tiscali, Italy’s number-three internet service provider by market share, has been looking for a buyer for its assets, which are split between its domestic market and Britain.

Italy, Tiscali