Mediobanca reiterates intention to cut losses and exit TI

Mediobanca does not plan to invest any more money in telecoms operator Telecom Italia (TI), an investment that has resulted in heavy losses over time, Reuters reports. In a conference call with shareholders, CEO Alberto Nagel confirmed that the bank would prefer to exit the debt-laden Italian operator. Mediobanca is one of four core investors that indirectly own a joint 22.39% stake in TI through holding company Telco. Yesterday it was reported that Spain’s Telefonica saw its EUR800 million (USD1.07 billion) offer to buy out its partners in Telco rejected.