Telefonica Puts Up $1B For Bigger Telecom Italia Stake

Law360, New York (September 24, 2013, 12:05 PM EDT) -- Spain's Telefonica SA on Tuesday made a much-anticipated play to boost its stake in sputtering Telecom Italia SpA, saying it would put up €748 million ($1 billion) in a series of cash-and-stock deals that could help it eventually take control of the company.

In the deals, Telefonica will lift its stake in Telco SpA, the controlling shareholder in Telecom Italia with a 22.4 percent stake. The Spanish company co-owns Telco with a group of Italian partners including Mediobanca and Assicurazioni Generali SpA, investors rumored to be...
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