MILAN, July 16 (Reuters) - Telecom Italia Chairman Giuseppe Recchi said on Wednesday that a move by its biggest shareholder Telefonica to cut its stake in the Italian phone company will not affect its own strategy.
“Nothing (changes for Telecom Italia). We are and will remain focused on pursuing our own strategies,” Recchi told Reuters.
Earlier on Wednesday, Telefonica said it would sell 750 million euros ($1.01 billion) in bonds that convert into Telecom Italia shares, loosening its grip as largest shareholder.
$1 = 0.7396 Euros Reporting by Danilo Masoni; editing by Agnieszka Flak