Members of the Telco consortium, which controls a 22.4% stake in Telecom Italia (TI), will be free to sell their stakes in the coming days, following the formal dissolution of their Italian investment venture. A report from Reuters, which cites ‘three sources close to the matter’, says that the Telco consortium will be dissolved early next week, leaving its four members – Telefonica of Spain, plus Italian banking and insurance firms Intesa Sanpaolo, Mediobanca and Generali – to divest their respective shares. Telefonica has already agreed to transfer its 8.3% indirect stake in TI to Vivendi of France as part of the deal which saw the Spanish operator acquire Vivendi’s Brazilian unit GVT. Meanwhile, as reported by TeleGeography’s CommsUpdate earlier this month, Mediobanca unveiled plans to divest its 1.6% indirect stake in TI by the end of June.
Separately, Reuters is reporting that TI has narrowed the price range for its forthcoming initial public offer (IPO) of a 40% stake in its mobile tower unit Infrastrutture Wireless Italiane (Inwit). Having previously set a range of EUR3.25-EUR3.90 (USD3.65-USD4.40) per share, TI now says shares will sell for between EUR3.50 and EUR3.65 each. The books in the IPO have been fully covered, two market sources told Reuters.