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Telecom Italia: sale of Auna brought forward with Capital Gains of about €1.1 Billion. Payment on 1 August 2002

07/22/2002 - 01:48 PM

Santander Central Hispano (SCH), Telecom Italia, Endesa and Union Fenosa have reached an understanding to bring forward the implementation of the agreement announced last December with respect to the sale of Telecom Italia’s stake in Auna. This will involve a reduction of the original price of €1.85 billion by about €45 million and the cancellation of all interest due.
The formal transfer of the shares has been established to 1 August 2002.
Telecom Italia will therefore receive the sum of approximately €1.805 billion on that date, with a profit of about €1.1 billion.