Telecom Italia S.p.A. (TIIAY.PK) announced its plan to launch a share buyback program of upto 400 million euros and a maximum of 700 million shares, corresponding to about 3.3 percent of the share capital.
The company intends to use the proceeds to service the remuneration and share-based incentive plans during the financial year.
Notably, buyback will be subject to the closing of the Sparkle sale, which is expected in the second quarter of the year.
On Tuesday, Telecom Italia's stock closed at $7.71, up 0.72 percent on the OTC Markets.
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