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Telecom Italia sees no strategy change after Telefonica move

Telecom Italia Chairman Giuseppe Recchi said  that a move by its biggest shareholder Telefonica to cut its stake in the Italian phone company will not affect its own strategy.

‘Nothing changes for Telecom Italia. We are and will remain focused on pursuing our own strategies,’ Recchi told Reuters.

Earlier on Wednesday, Telefonica said it would sell 750 million euros ($1.01 billion) in bonds that convert into Telecom Italia shares, loosening its grip as largest shareholder.

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source: Reuters

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