Financial Services Industry
Industry: Email Alert RSS FeedFinancial News best and worst European M&A deals of 2003.
Financial News, January, 2004
Deals and duds of the quarterQ1: Olivetti/Telecom Italia. The [euro]25.2bn ($29bn) bid by Olivetti (JP Morgan, Unicredito, Mediobanca), the Italian holding company for the 45% of subsidiary Telecom Italia (Lazard, Goldman Sachs) it did not already own was fraught with difficulty. But the fact that Marco Tronchetti Provera, deputy chairman and chief executive of Olivetti, stuck to his guns and was able to push the deal through is a testament to his tenacity and the loyalty of his legions of advisers.
Runner-up: Procter and Gamble/Wella. When Procter & Gamble (Drucker, Merrill Lynch), the US household goods group, persuaded the majority shareholders of Wella (Greenhill, Lazard, Rothschild)to sell their shares for [euro]3.2bn. The US company had long harboured...
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