Bad Day at BlackRock? Investment manager clarifies TI stake after Consob threat

17 Dec 2013

US money manager BlackRock has clarified that the stake it owns in Telecom Italia (TI) is 9.97%, rather than 10.14% as previously stated. Late yesterday the investment manager took steps to amend a Securities and Exchange Commission (SEC) filing, saying that a previous version of the filing was ‘an inadvertent overstatement’. However, a company spokesperson noted that the 7.80% voting rights figure previously stated remains correct.

On Sunday, the chairman of Italian market watchdog Commissione Nazionale per le Societa e la Borsa (Consob), Mr Giuseppe Vegas, said that it would fine BlackRock for not informing it that it had increased its stake in TI above the 10% threshold that triggers a disclosure obligation.

Italy, Telecom Italia (TIM)