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Iliad founder cuts potential Telecom Italia stake

As expected, Iliad SA's founder and majority shareholder Xavier Nielreduced his potential holdingin Telecom Italia SpAto 6.9% from 15.1%, Telecompaper reported July 20, citing a filing withItalian markets regulator Consob.

Niel vowed to sell his share options in the Italian telco,after Iliad agreed to buy several assets to be sold from the between 's 3 Italiaand VimpelCom Ltd.'sWIND TelecomunicazioniSpA.

SwisscomAG's FastwebSpA earlier urged the European Commission to probe into Iliad's planto create a fourth mobile operator in Italy using the said assets.