Telecom Italia: We're still not for sale

Once again rumors emerged that Telefonica is going to acquire Telecom Italia and once again both sides are saying the rumors are nothing more than hear-say.

Last Friday, Italian daily newspaper La Repubblica revealed that Telefonica would launch an all-share bid for Telecom Italia. What fueled this latest round of speculation was a statement by Spanish Industry Minister Miguel Sebastian in response to a media report that said Italy should open itself up to Spanish investors.

However, both Telefonica and shareholders in Telecom, the holding company that retains control in Telecom Italia, separately dismissed rumors of any possible sale. The three main shareholders in the Telco consortium--Assicurazioni Generali, Intesa Sanpaolo and Mediobanca--said in a statement that reports of any deal were 'entirely without foundation.'

For more:
- Reuters has this report

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