REFILE-UPDATE 1-Argentina clears break-up of Telecom Italia investor group
(Corrects spelling of "Italia" in last paragraph)
BUENOS AIRES/MILAN May 28 (Reuters) - Argentina has given a green light to the break-up of the Telco investor group owning 22.4 percent of Telecom Italia, paving the way for France's Vivendi to become the biggest shareholder in the Italian phone group.
In a document dated May 22, which was seen by Reuters, the Argentinian antitrust watchdog CNDC cleared the break-up saying the move did not infringe competition law.
The four Telco investors, led by Spain's Telefonica , decided to break up the vehicle last year but were waiting for regulatory clearance to press ahead.
French media group Vivendi obtained a 8.3 percent stake in Telecom Italia after agreeing to sell its Brazilian unit GVT to Telefonica in a deal which is expected to close this month.
Other investors in Telco are Italian financial companies Generali, Intesa and Mediobanca, which are now free to sell their stakes.
The Argentinian approval to the break up of Telco follows similar clearance in Brazil. Both were needed because Telecom Italia and Telefonica are competitors in the two Latin American markets. (Reporting by Juliana Castilla and Gianluca Semeraro; Editing by David Holmes)
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