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Industry: Email Alert RSS FeedEurope: Olivetti plans merger with Telecom ltalia
Global Finance, May 2003
Marco Tronchetti Provera, who is chairman of Telecom Italia and Olivetti, proposed merging the two companies by exchanging Olivetti stock for the 45% of Telecom Italia that Olivetti does not already own. The merged company would keep the Telecom Italia name.
Tronchetti Provera says the $29 billion stock-swap transaction would give Olivetti access to Telecom Italia's cash flow, which it could use to pay down debt.
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A group of 70 Telecom Italia minority shareholders hired Brussels-based shareholder rights group Deminor to demand better terms. Olivetti offered seven new ordinary shares for each share of Telecom Italia.
Copyright Global Finance Media Inc. May 2003
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