Short sellers have amassed a record bet of almost €1bn against the shares of Telecom Italia, as chief executive Pietro Labriola seeks investors’ backing for an asset sale to slash debt.
Data from S&P Global indicated that a fifth of the company’s stock — totalling €930mn — is being targeted by short sellers, who typically borrow shares in order to sell them, buying them back later to profit from a decline.
The 19.33 per cent of Telecom Italia’s shares on loan as of Wednesday is the highest proportion in data going back to 2005.
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