Telefonica said on Thursday it had no agreement with BlackRock over Telecom Italia as it sought to dispel concerns it was manoeuvring behind the scenes ahead of a shareholder vote over control of the Italian phone group.Telecom Italia's shareholders meet on Friday to decide whether to oust the board in an attempt by dissident investors to weaken the increasingly powerful influence of Telefonica. The outcome of the vote is uncertain.BlackRock emerged as Telecom Italia's second-biggest investors this week with a stake of around 10 percent, giving it a potentially pivotal role in the Telecom Italia vote.Italy's market regulator Consob has questioned the U.S. money manager's stake disclosures and is trying to ascertain whether the U.S. fund acted on its own, or in agreement with other parties, including Telefonica.
Telefonica SA is a Spain-based company active in the telecommunications and digital services sectors. Shares of TEF traded higher by 0.19% or $0.03/share to $15.82. In the past year, the shares have traded as low as $12.31 and as high as $18.05. On average, 1190500 shares of TEF exchange hands on a given day and today's volume is recorded at 592362.
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