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Industry: Email Alert RSS FeedFrance Telecom, Telefonica plan bidding for Telecom Italia
Telecommunications Mergers & Acquisitions, May, 2007 by Anonymous
As reported by the Wall Street Journal, France Telecom and Spain-based Telefonica are contemplating making counter-offers for holding firm Olimpia, a company that controls Telecom ltalia.
Earlier, US-based AT&T and Mexicobased America Movil had approached Pirelli & Co.,the dominant shareholder of Olimpia, for purchasing a combined 66 percent stake for nearly $6.01 billion. Olimpia owns 18 percent of Telecom ltalia, the former stateowned monopoly.
Reports suggest that Telefonica and France Telecom are holding discussions with Italian banks and insurance firms for joining hands to create a group that would be acceptable to the government.
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