Telefonica, Telco partners avoid massive writedowns

Newswire

By Jo Winterbottom MILAN, Aug 21 (Reuters) - Telefonica and its Italian partners in control of Telecom Italia may have to write down the value of their 24.5 percent stake in the company at a cost of billions of euros. The Spanish telecoms giant, banks Intesa Sanpaolo and Mediobanca , insurer Assicurazioni Generali and the Benetton family said last month the stake had lost over 5 billion euros in value since they agreed to buy it in April, 2007. But they said it was a long-term ...

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