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
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV