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Saturday, December 14, 2013

Blackrock doubles stake in Telecom Italia to 10 pct, (NYSE: BLK)

BlackRock Inc almost doubled its stake in Telecom Italia to 10 percent at the end of November to become its second-largest shareholder, according to documents published by the U.S. Securities and Exchange Commission. The move by the world's largest money manager could potentially tip the balance at a shareholder meeting due to vote on a proposal to oust the board of the Italian phone company.Businessman Marco Fossati, an influential investor with a 5 percent stake, and small shareholders group ASATI are seeking the dismissal of the board, saying they favour the interests of core shareholders such as Spain's Telefonica.If a majority of shareholders ditch the current board, led by Chief Executive Marco Patuano, they would then choose a new team of directors. The shareholder meeting is due to take place on Dec. 20.Telefonica owns 6.6 percent of holding company Telco, which controls Telecom Italia with a 22.4 percent stake and whose Italian investors are insurer Generali and banks Mediobanca and Intesa Sanpaolo.

BlackRock, Inc. (BlackRock) is an investment management firm. Shares of BLK traded higher by 2.07% or $6.03/share to $297.80. In the past year, the shares have traded as low as $200.89 and as high as $311.32. On average, 585725 shares of BLK exchange hands on a given day and today's volume is recorded at 612346.