The globe’s largest money manager, Black Rock, announced Monday that it acquired a 10.1 percent stake in Italian wireless firm Telecom Italia, a deal potentially signaling a new fight for control of the company.
Reports called BlackRock’s buyout a “surprise move” ahead of a Telecom Italia shareholder meeting to discuss the exit of minority shareholder Findim.
Spain’s Telefonica has also announced plans to boost its stake in Telecom Italia’s holding company, a move that has sparked antitrust conflict in Brazil.
While BlackRock did not explain the reasoning behind its Telecom Italia buy, reports say Telecom Italia did not receive any word from BlackRock regarding the acquisition.
Full Content: Market Watch
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