Olivetti-TI merger hiccups
Pirelli Group’s proposal to merge Olivetti and Telecom Italia is drawing mixed reactions from investors, owing to concerns over potential minority shareholder resistance and the substantial releveraging involved.
Pirelli proposes that Telecom Italia merge into Olivetti, with Telecom Italia shareholders receiving seven Olivetti shares for every Telecom Italia share. Olivetti shareholders have the option to cash out their shares.
Olivetti holds 55% of Telecom Italia stock, but a two-thirds majority
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