The Spanish telecom has agreed to refrain from buying further Telecom Italia shares after the maneuvers announced Tuesday unless a third-party emerges to buy 10% or more of the Italian company.
Tuesday's agreement values Telecom Italia shares at €1.09 - 85% higher than Monday's close. Investors see the pact as a move in the right direction, and pushed the shares 2.5%, or €0.015, higher to €0.605. That values the company at €10.98 billion.
Written by Andrew Bulkeley