Intesa Sanpaolo declines to comment on Telefonica stance in Telecom Italia |
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Published
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Mon, 29 Oct 2007 13:45
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MILAN (Thomson Financial) - Intesa Sanpaolo SpA supervisory board chairman Giovanni Bazoli declined to comment on a report saying that Telefonica SA is ready to quit an alliance with Italian investors because of disagreement on management changes at Telecom Italia SpA.Telefonica -- along with Intesa Sanpaolo, Assicurazioni Generali SpA, Mediobanca SpA and Sintonia -- is a shareholder of Telco, a holding company that owns 23.6 pct of Telecom Italia.The daily La Repubblica said Telefonica is ready to swap its 42.3 pct in Telco for an about 10 pct in Telecom Italia, due to indecision by Telco's Italian shareholders on management changes at Telecom Italia.When asked about the situation at Generali, Bazoli said the bank is an 'interested spectator at what is happening at Generali. We give great importance to Generali because they are our shareholders and we want Generali to remain independent and to become stronger.'La Repubblica said that Generali's chairman Antoine Bernheim is ready to step down in April 2008, before the end of his three-year mandate in 2009.Last week, the fund Algebris Investments criticised Generali's governance.danilo.masoni@thomson.compw/jlcCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Telecom Italia deputy chairman, CEO to resign today or tomorrow - report 