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Published: 8 February, 2010
READ MORE: M&A | Spain | Telefonica | Telecom Italia
Spanish group Telefonica is throwing cold water on speculation around a merger with Telecom Italia. The telco has been surrounded by reports that bankers are hammering out a deal to sell or break up the Italian incumbent, but chairman Cesar Alierta insists he is content with getting the most value from the existing indirect shareholding in Telecom Italia and is not considering an acquisition bid.
The Reuters news agency quoted Telefonica sources saying that Alierta was convinced that the group's "relationship with Telecom Italia is an industrial alliance and what most interests the company are the synergies and the economies of scales derived from that".
In response to the speculation, Telecom Italia CEO Franco Bernabe met with the country's industry minister Claudio Scajola on Thursday and promised to keep the government informed about any changes in the relationship with Telefonica. The Spanish group is an indirect shareholder in Telecom Italia via a 46.18% stake in Telco, a holding company that owns 22.5% of the Italian firm. Antitrust regulators in Argentina are currently trying to force Telecom Italia to relinquish its stake in Telecom Argentina because of its links with rival Telefonica.
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