AT&T to join with Italians in 2 regions; leverage in Europe and Latin America

Article Abstract:

AT&T and Societa Finanziaria Telefonica (Stet), Italy's phone company, have announced a joint venture to improve their positions in the emerging global telecommunications industry. The companies have agreed to work together in Latin America and in Europe. Unisource is a European phone consortium to which AT&T belongs and which Stet will now join. A 50-50 venture is planed for Latin America, where Stet has considerable assets. One of the company will specialize in local-telephone links there and the other in global-telephone links. Analysts do not expect the agreement to increase AT&T's earnings. The possibility of AT&T purchasing up to a 5% stake in Stet, when the company goes private at the end of 1997, is being discussed.

Joint ventures, AT&T Corp., T, Telecommunications systems, Latin America, Company joint venture, Societa Finanziaria Telefonica

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Telecom Italia's chief and board resign; the first battle casualties in an unwanted takeover by Olivetti

Article Abstract:

Franco Bernabe and the board of directors of Telecom Italia resigned in the wake of the hostile takeover of his company by Olivetti. After a three month war, in which Bernabe fought with a range of defenses, including wooing an offer from Deutsche Telecom, Olivetti finally won 51.9% of Telecom Italia's shares. Meanwhile, Telecom Italia's share price has been erratic. Olivetti's chairman, Roberto Colaninno is likely to succeed Bernabe.

Italy, Acquisitions & mergers, Computer and Office Equipment, Office & Computing Machines, Executive changes & profiles, Office equipment, Officials and employees, Office equipment and supplies industry, Office equipment industry, Human resource management, Mergers, acquisitions and divestments, Company acquisition/merger, Appointments, resignations and dismissals, Company restructuring/company reorganization, Reorganization and restructuring, Telecom Italia S.p.A., Company personnel management, Olivetti S.p.A., Bernabe, Franco

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