Olivetti to sell 24.9% stake in Oliman one year early

Article Abstract:

Olivetti SpA, a telecoms and information systems company, has announced it is planning to sell a 24.9% stake in Oliman to Mannesmann AG, in 1999, a year earlier than its originally planned. The sale, if completed, will leave Olivetti with a 50.1% controlling stake in Oliman, its joint venture with Mannesmann, while Mannesmann will own the remaining 49.9%. The terms of the Oliman joint venture allows Mannesmann to raise its stake in the venture to 49.9% by 2000. Olivetti CEO Roberto Colaninno noted his company has already asked the Ministry of Communications of Italy to issue an authorization to plan the sale of the stake.

Comment:

Announces it plans to sell a 24.9% stake in Oliman to Mannesmann AG, in 1999, a year earlier than its originally planned

Telecommunications, Telecommunications industry

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Oliman ownership faces change

Article Abstract:

Mannesmann AG, a Germany-based company, will exercise its option to raise its stake in Oliman, a telecommunications holding company, to 49.9% from 25%. Oliman is jointly operated by Mannesmann and Olivetti SpA, which owns 75% of Oliman, in Milan, Italy. Under an agreement with Olivetti in 1997, Mannesmann has an option to purchase an additional 24.9% of Oliman from Olivetti for 1.25 trillion lire, or $704 million. In line with the events, Italy's Communications Ministry gave its initial approval to Mannesmann's request of raising its stake in Oliman.

Comment:

Will acquire 24.9% of Olivetti SpA's stake in Oliman for 1.25 tril lire, or $704 mil, raising its interest to 49.9% from 25%

Offices of Bank Holding Companies, Investment Holding Companies, Oliman

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Olivetti gains in bid to sell Oliman stake

Article Abstract:

The Italian government gave its approval to Olivetti SpA to sell 50.1% of its Oliman share to Mannesmann AG of Germany. Mannesmann already owns the remaining 49.9% of Oliman. Olivettti is expecting Mannesmann to pay it 7.7 billion euros ($8.5 billion) for its share. Olivetti is planning to use the money to aid in the financing of its hostile takeover bid for Telecom Italia SpA.

Comment:

Italian government approves Olivetti's sale of its 50.1% Oliman share to Mannesmann

Wired Telecommunications Carriers, Telephone Communications, Telephone communications, exc. radio, Blast Furnace and Basic Steel Products, Telephone services, Abstract, Olivetti S.p.A., OliMan

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