By Dow Jones Business News,
December 19, 2013, 12:47:00 PM EDT
By David Roman
MADRID--Spain'sTelefonica SA ( TEF ) said Thursday that it has no agreement with BlackRock regarding Telecom Italia SpA
( TI ), in which both firms have significant stakes.
Telefonica made the statement in a regulatory filing, in response to a request for clarification made by the Italian
stock market regulator. Telefonica also said it hasn't bought any additional shares beyond its previously reported
BlackRock, the world's biggest money manager, said Monday it has built up a 9.9% stake in Telecom Italia, adding
further complication to an already convoluted picture for the company's largest shareholders.
Telecom Italia's top shareholder is holding company Telco, which owns a 22.4% stake. The holding company is controlled
by Intesa Sanpaolo SpA, Assicurazioni Generali SpA, Mediobanca SpA and Telefonica.
Earlier this year, Telefonica increased its stake in Telco by buying out shares from the other stakeholders and has
the option to further increase its stake in 2014, according to an agreement signed in September.
In tightening control over Telecom Italia, Telefonica's move has created strategic uncertainty for the Italian telecom
company and antitrust concerns in Brazil. There, both Telefonica and Telecom Italia have units that compete head-to-
Write to David Roman at firstname.lastname@example.org Twitter: @dromanber
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
Copyright (c) 2013 Dow Jones & Company, Inc.