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Telefónica shuns advisers for Telecom Italia deal

Telefónica turned its back on using investment banking advisers as it led the consortium that bought a stake in Telecom Italia for €4.1bn ($5.6bn) this weekend.

The Spanish telephone group teamed up with Assicurazioni Generali, Intesa Sanpaolo, Mediobanca and Sintonia to buy Olimpia, a holding company owned by Pirelli.

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