CNNMoney.com, 21 Dec 2008
ROME -(Dow Jones)- Goldman Sachs Group Inc. (GS) has decided to reduce its stake in the Italian Benetton family's Sintonia SA investment company after the losses the U.S. investment bank suffered as a result of the financial crisis, a person familiar with the matter said Sunday.
The board of Sintonia - which has investments in Italian highway operator Atlantia SpA (ATL.MI) and the country's largest telecoms operator Telecom Italia SpA (TIT.MI) - Saturday gave the green light to a EUR1.7 billion capital hike, below the EUR2 billion agreed in June, the person said.
The rest of the funds for the Sintonia recapitalization will come from the company's other shareholders, with the Government of Singapore Investment Corp., or GIC, putting in some EUR850 million, while Italian merchant bank Mediobanca SpA (MB.MI) will put the remaining EUR200 million, the person said.
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