(Alliance News): Telecom Italia Spa announced on Thursday that it purchased nearly 1.2m of its own ordinary shares on June 11 at an average price of €0.7689 per share, for a total consideration of €919,942.72.

The company also announced that it has exercised its option for the partial early termination of the Total Return Equity Swap linked to 140m TIM shares, reducing its exposure by 25m shares.

The instrument had been entered into to hedge the risk associated with the purchase of treasury shares intended for staff remuneration and incentive plans.

TIM shares closed Thursday down 0.4% at €0.764 per share.

By Antonio Di Giorgio, Alliance News reporter

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