By Manuela Mesco

 

Xavier Niel has cut his Telecom Italia SpA (TI) options and warrants to a stake potentially convertible into a 6.9% holding in the Italian telecoms operator, Italy's market regulator Consob said Tuesday.

Mr. Niel, who purchased options and warrants equal to a 15.1% stake in Telecom Italia last year, had already said that had been reduced, when Iliad SA (ILIAY), a company he controls, announced this month that it would enter the Italian market.

French operator Iliad announced a deal that, if completed, will make it the fourth mobile operator in Italy. It agreed to buy the remedy package put together by CK Hutchison Holdings Ltd. and VimpelCom to address regulatory concerns over the merger of their Italian businesses.

At the time of the announcement Mr. Niel, who owns the options through the Rock Investment holding company, said he would sell them in coming weeks.

 

Write to Manuela Mesco at manuela.mesco@wsj.com

 

(END) Dow Jones Newswires

July 19, 2016 11:57 ET (15:57 GMT)

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