Telecom Italia Shares Rise as State Lender CDP Prepares to Boost Stake

By Patrick Costello

Telecom Italia SpA (TIT.MI) shares rose Friday after the CDP, an Italian state-owned lender, said it will increase its stake in the Italian telecoms provider.

The CDP said Thursday that its board had authorized the purchase of additional shares in Telecom Italia, noting that the increase is in line with the strategic objectives underlying its holding in the company.

The decision is also consistent with the CDP's mission of supporting "national strategic infrastructures" and value creation in a sector of "primary interest" for Italy, the state-owned lender said.

At 1302 GMT, shares of Telecom Italia were up 5.1% at EUR0.51. Shares are up 4.9% on year.

The CDP didn't disclose the amount by which it plans to increase its current 5% stake in Telecom Italia, although Italian newspaper La Repubblica reported that CDP is preparing to increase its stake in the former incumbent to 10% over the next 12 months.

Write to Patrick Costello at patrick.costello@dowjones.com

(END) Dow Jones Newswires

February 15, 2019 08:25 ET (13:25 GMT)

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