Argentina Approves Breakup of Telecom Italia’s Top Investor
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Telecom Italia SpA’s largest investor won approval from Argentina’s competition regulator to unravel an eight-year holding pact, clearing the way for Vivendi SA to take a stake in the Italian carrier.
Telco, which owns 22.4 percent of Telecom Italia, was set up in 2007 as the carrier sought to fend off a takeover bid from AT&T Inc. and Carlos Slim’s America Movil SAB. The green light from Argentine regulator CNDC is the final step that allows its investors, including Telefonica SA, to exercise their rights to sell.