Telefonica will buy more Telecom Italia shares

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Source: Bloomberg
© Scanpix/Reuters
Telefonica SA, a Spanish telecommunications provider, confirmed its stake increase in Italian company Telecom Italia SpA. The Spanish company will pay 441 million euros for the deal, or 1.09 euro per share, despite the fact that the Telecom Italia SpA shares are now trading only at 0.59 euros in Milan. After the announcement, Telefonica SA equities are losing 1.6% to 11.23 euros at 8:40 GMT.
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