Grupo W, which belongs to the Werthein family, is to give up 8 percent of its shares in the society that controls Telecom Argentina to Telecom Italia, the Italian company confirmed.
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In a communiqué sent to the Buenos Aires stock market, Telecom Italia said the transfer of shares is part of the agreement shareholders of Telecom Argentina signed on August 5 in Milan, by which the Argentine group, as well as the Italians, agreed to "end all trials and mutual complaints, normalizing their relations."
Both parts also committed to "work in a coordinated fashion to the effects of reaching a more efficient corporative work and control of societies of the Telecom Argentina group," the communiqué indicated.
The agreement puts an end to the disputes that arose between shareholders over the indirect participation of Spain's Telefónica in the Italian company.
Telecom Argentina is controlled by Nortel (54.74 percent), which in turn is controlled by Sofora, a society participated in equal parts by Telecom Italia and Grupo W, which is now giving up 8 percent to the Italians.
Another 4.21 percent of the shares of Telecom Argentina is in the hands of the 15,000 company workers, and the rest are publicly traded in the stock markets of Buenos Aires, New York, and Mexico.
The telecommunications company registered in the first semester of the year a net profit of 865 million pesos, 23 percent more in than in the same period of last year.
