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Italy: Shareholders deliver bad news for Telecom Italia buyout

By  |  September 18, 2013

Shareholders of Telecom Italia rejected the proposed buyout of the company from Spain-based Telefonica, according to reports.

Shareholders voted against the more-than $1 billion share buyout by Telefonica, the largest shareholder in Telco, which controls Telecom Italia with its 22.4 percent ownership in the Italian operator.

According to local media reports, shareholder negotiations were ”very complicated and difficult.” Further, Italian shareholders assured that a complete takeover of the company would not be considered.

Telecom Italia and Telefonica did not comment on the matter.

Full Content: City A.M.

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