On Air Now

Listen

Listen Live Now » 98.5 FM Battle Creek, Michigan

Weather

Current Conditions(Battle Creek,MI 49017)

More Weather »
57° Feels Like: 57°
Wind: NNW 17 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Tonight

Showers Late 44°

Tomorrow

AM Rain 60°

Fri Night

Mostly Clear 39°

Alerts

Most Telecom Italia investors sign up to vote on board's future

A man uses a Telecom Italia phone booth in front of St Peter's Basilica in Rome September 24, 2013. REUTERS/Alessandro Bianchi
A man uses a Telecom Italia phone booth in front of St Peter's Basilica in Rome September 24, 2013. REUTERS/Alessandro Bianchi

MILAN (Reuters) - Investors with a combined 53.8 percent stake in Telecom Italia have registered so far for a key shareholder meeting on December 20 that will decide whether to oust the board, the company said on Tuesday.

It means Telecom Italia's controlling investor Telco - which has a 22.4 percent stake - will need the backing of other investors to fend off a proposal by rebel shareholders to remove the board. To pass, the proposal needs a majority of 50 percent plus one vote of shareholders at the meeting.

In a statement, Telecom Italia said the shares registered include a stake of over 4.8 percent held by U.S. giant investor BlackRock and its affiliates.

More shareholders can register between now and the meeting, which was called by Italian businessman Marco Fossati, a rebel investor with a 5 percent stake in Telecom Italia.

Telecom Italia is controlled by Telco, a holding company grouping Telefonica, Italian banks Intesa Sanpaolo and Mediobanca, and insurer Generali.

The vote could be crucial for the future strategy of Telecom Italia, and especially for its position in Brazil, where it is a direct competitor to Telefonica.

Fossati believes the influence of Telefonica could lead Telecom Italia to sell its prized Brazilian unit TIM Participacoes, reducing growth options for the Italian group.

(Reporting by Danilo Masoni; editing by Tom Pfeiffer)

Comments