Telecom Italia sells its holding in IMMSI

11/15/2002 - 00:00 PM

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The divestment plan continues apace as the target of 5 billion euros is passed a year ahead of schedule

Gross capital gains of 50 million euros

Today Telecom Italia S.p.A. reached an agreement with Interbanca S.p.A., acting as broker for Omnipartecipazioni S.p.A. in the sale of the latter’s holding, comprising 99,000,001 shares, amounting to about 45 per cent of IMMSI S.p.A.’s capital.

IMMSI is the real-estate company quoted on the stock market that came into being on the division of Sirti in 1999.

Once the formalities regarding informing the competent authorities have been completed, Omnipartecipazioni will pay cash for Telecom Italia’s 99,000,001 IMMSI shares, at a rate of 69 euro cents per share.

This operation will net Telecom Italia S.p.A. 68.3 million euros, with capital gains gross of tax of 50.2 million euros. With this sale Telecom Italia carries forward its divestment plan and the realignment of its real-estate sector.