Xavier Niel Cuts Stake in Telecom Italia
July 19 2016 - 12:27PM
Dow Jones News
By Manuela Mesco
Xavier Niel has cut his Telecom Italia SpA (TI) options and
warrants to a stake potentially convertible into a 6.9% holding in
the Italian telecoms operator, Italy's market regulator Consob said
Tuesday.
Mr. Niel, who purchased options and warrants equal to a 15.1%
stake in Telecom Italia last year, had already said that had been
reduced, when Iliad SA (ILIAY), a company he controls, announced
this month that it would enter the Italian market.
French operator Iliad announced a deal that, if completed, will
make it the fourth mobile operator in Italy. It agreed to buy the
remedy package put together by CK Hutchison Holdings Ltd. and
VimpelCom to address regulatory concerns over the merger of their
Italian businesses.
At the time of the announcement Mr. Niel, who owns the options
through the Rock Investment holding company, said he would sell
them in coming weeks.
Write to Manuela Mesco at manuela.mesco@wsj.com
(END) Dow Jones Newswires
July 19, 2016 12:12 ET (16:12 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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