BlackRock Inc, the world's biggest money manager, has become the second-largest shareholder in Telecom Italia, giving it a potentially pivotal role in a shareholder vote on whether to oust the board of the Italian telecoms firm.At the end of November, it increased its combined holding in the Italian company to 10.1 percent from the 5.1 percent it owned in October, according to documents published by the U.S. Securities and Exchange Commission.In October BlackRock had said a "very attractive valuation" was behind its decision to invest in the Italian phone company.The increase could potentially tip the balance at the shareholder meeting, scheduled for Dec. 20, over the future of the phone company's board, which is in question because of complaints of conflicts of interest and the possible sale of a Brazilian unit.
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.
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