Telefonica declines comment on report of possible offer for Telecom Italia |
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Published
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Thu, 12 Apr 2007 09:51
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MILAN (Thomson Financial) - A Telefonica SA spokesman declined to comment on a report in Corriere della Sera that it is ready to launch a counter-offer to buy a 66 pct stake in Telecom Italia SpA's holding company Olimpia from Pirelli & C SpA.The unsourced report said Telefonica is in contact with Intesa Sanpaolo SpA and Mediobanca SpA to form a group of investors to buy the Olimpia stake in an offer that could value Telecom Italia at 3 eur per share excluding dividends.Telefonica could make an announcement after the end of April, it said.AT&T and its Mexican affiliate America Movil are currently in exclusive talks until the end of April to buy from Pirelli the 66 pct stake in Olimpia.The negotiations are based on a price per Telecom Italia share of 2.82 eur, less the net debt of Olimpia.Pirelli owns 80 pct of Olimpia.danilo.masoni@thomson.comdm/dm/ic/cve/hjpCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Mergers and acquisitions highlights to 09:20 GMT 