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Spain's Telefonica ups stake in Telecom Italia

Spain's Telefonica ups stake in Telecom Italia
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Shareholders in Telecom Italia have reached an agreement that will see Spanish telecoms provider Telefonica increase its stake in Italy’s largest phone company.

The deal, comes after months of discussions, which will allow shareholders in Telecom Italia to withdraw, while Telefonica ups its interest.

Telco shareholders, the holding company of Telecom Italia, have been looking for ways to exit after Telecom Italia’s falling shares hit investors where it hurts most, in the pocket.

By 2014 Telefonica will be the largest shareholder in Telco.