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Sunday, December 15, 2013

Italy watchdog may fine BlackRock on Telecom Italia stake-report, (NYSE: BLK)

Italian watchdog Consob may fine the world's biggest money manager BlackRock Inc for not informing the regulator soon enough that it had increased its stake in Italy's Telecom Italia, Consob's chairman told an Italian daily. At the end of November BlackRock lifted its holding to 10.1 percent from the 5.1 percent it held in October, giving it a potentially pivotal role in a Dec. 20 shareholder vote on whether to oust the board of the telecoms firm.BlackRock informed the U.S. Securities and Exchange Commission about its investment at the beginning of December but it did tell Consob within a five-day deadline.The regulator has asked the U.S. group to make a stock exchange statement on what its stake in the Italian company is and whether it intends to be present at the next shareholders meeting on Friday, Consob's Giuseppe Vegas told daily Il Sole 24 Ore on Sunday.BlackRock is required to answer before trading starts on Monday.

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.