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Benettons to sell their 2% in Telecom Italia 2010(M&A Navigator Via Acquire Media NewsEdge) Italian businessman Gilberto Benetton on Friday said his family plans to sell its 2% stake in local top telecommunications operator Telecom Italia (BIT:TIT) in the first half of next year. No financial details were given. Benetton said the family has not yet made a decision as to how to dispose of the Telecom Italia stake. With the sale, the Benetton family will exit Telco, the holding company controlling Telecom Italia. Benetton'd decision to sell is viewed as a result of shareholders disappointment with Telecom Italia shares poor performance, the Wall Street Journal said. The family belonged to a pact of Telco shareholders controlling 24.5% of Telecom Italia, but it withdrew in October when the other owners renewed the pact for another three years. Some of Telecom Italia's investors have voiced their frustration with the strong presence of Spain's Telefonica (MCE:TEF) in Telco, claiming the Spanish telecommunications group was an obstacle in Telecom Italia's development, the paper said. Country: Italy Sector: Telecommunications Target: Telecom Italia SpA Vendor: Benetton family Type: Divestment Status: Auction Comment: Benettons to sell their 2% stake in 2010 ((Comments on this story may be sent to [email protected])) (c) 2009 M2 COMMUNICATIONS |