MILAN, Dec 11 (Reuters) - State-backed financial conglomerate Poste Italiane said on Thursday it had raised its stake in Telecom Italia to 27.3%, buying France's Vivendi residual 2.5% holding in the
Poste Italiane Boosts Telecom Italia Stake to 27.3%
MILAN, Dec 11 (Reuters) - State-backed financial conglomerate Poste Italiane said on Thursday it had raised its stake in Telecom Italia to 27.3%, buying France's Vivendi residual 2.5% holding in the former phone monopoly for 180 million euros ($211.54 million).
Poste, which runs mail, parcel, payments, energy and broadband services, became TIM's largest shareholder this year, with a 24.8% stake, after buying stock from state lender CDP and France's Vivendi.
The latest stake purchase brings Poste stake near a new 30% buyout threshold the Italian government is set to introduce under a financial code reform.
Poste said in a statement it had obtained a waiver from the current 25% mandatory takeover threshold, pledging to sell the additional 2.5% stake it purchased from Vivendi within 12 months if the reform is not approved.
In the meantime, it said it would vote at TIM shareholders meetings with its existing 24.8% stake.
($1 = 0.8509 euros)
(Reporting by Elvira Pollina, editing by Alvise Armellini)
