September 4, 2015 / 2:53 PM / 2 years ago

Telecom Italia has not yet decided on saving shares conversion

CERNOBBIO, Italy Sept 4 (Reuters) - Telecom Italia has not yet made a decision on converting around 5.5 billion euros ($6.1 billion) of non-voting saving shares into ordinary ones, a spokesman said on Friday after a press report rekindled speculation about such a plan.

The Italian phone group is considering a proposal to convert the non-voting capital into common stock as early as this year, Bloomberg reported on Friday.

In August, Telecom Italia CEO Marco Patuano said the board should discuss the conversion in the second half of the year, a move that is likely to dilute its top investor Vivendi. ($1 = 0.9001 euros) (Reporting by Luca Trogni, writing by Danilo Masoni)

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