France Telecom studying offer for Telecom Italia stake

0 Comments | AFP, April, 2007

MILAN (AFP) — France Telecom reportedly might make a counter bid for Olimpia, the holding company that owns 18 percent of Telecom Italia.

The possible bid comes as talks between the tyre group Pirelli, which owns Olimpia with the apparel maker Benetton, and American giant ATT and its Mexican affiliate America Movil have run into difficulties, the daily Il Sole 24 Ore said.

The French operator, in collaboration with an American bank, is preparing a proposal under which it would take a majority shareholding in Olimpia and apply an industrial plan, the newspaper said, without revealing its source.

Spain's Telefonica is also eyeing Olimpia and its Telecom Italia stake, according to Italian press reports.

Il Sole 24 Ore said that ATT and the Mexican...