Olivetti prevails in hostile bid for far bigger Telecom Italia

Article Abstract:

Olivetti S.p.A. has finally succeeded in the takeover of Telecom Italia, seducing the larger company's shareholders with a $65 billion package. Olivetti's bid for 51% of Telecom Italia thwarts Deutsche Telekom and shakes up corporate Europe as the largest hostile corporate takeover ever. The success of the bid is a personal triumph for Olivetti chief Roberto Colaninno, and devastation for Telecom Italia's chairman, Franco Bernabe. The deal will change telecommunications markets in Europe, create a market for corporate bonds and alter the previously civilized way mergers were handled on the continent.

Italy, Office machines, not elsewhere classified, Office Machinery Manufacturing, Acquisitions & mergers, Germany, Typewriters & Parts, Management, Office equipment and supplies industry, Office equipment industry, Colaninno, Roberto, Typewriters, Bernabe, Franco

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Telecom Italia rejects bid by Olivetti; will push ahead with German merger

Article Abstract:

Telecom Italia thwarts off unwelcome $65 billion bid from Olivetti S.p.A. and pushes toward a union with Deutsche Telekom worth $82 billion. Telecom Italia is also selling 65% of Stream, pay-per-view TV, to a group including New Corp. Telecom Italia's chief executive, Franco Bernabe is using this alliance with Rupert Murdoch and other strategies to strengthen his company. Meanwhile, the Italian government has expressed concern over the proposed merger because of the German government's 40% stake in Deutsche Telekom.

Europe, Asset sales & divestitures

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