Technology Industry
Industry: Email Alert RSS FeedFrance Telecom, Telefonica plan bidding for Telecom Italia.(ITALY)
European Telecom, May, 2007
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 Italia. Earlier, US-based AT&T and Mexico-based 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 Italia, the former state-owned 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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