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Monday, December 16, 2013

RPT-Watchdog tells BlackRock to show its hand before Telecom Italia EGM, (NYSE: BLK)

BlackRock Inc will have to say on Monday what stake it holds in Italy's biggest telecom operator Telecom Italia, after the Italian market watchdog threatened to fine it for not disclosing an increase.At the end of November, the world's largest money manager lifted its combined holding in the phone company to 10.1 percent from the 5.1 percent it held in October, according to filings it made to the U.S. Securities and Exchange Commission (SEC).Crossing the 10 percent threshold obliges the company to notify regulators, according to Italian market rules.If confirmed, the 10.1 stake would make BlackRock the second biggest shareholder in Telecom Italia by far after holding company Telco, and give it a potentially pivotal role in Friday's shareholder vote on whether to oust the board of the Italian company.

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.