Telecom Italia says it will fight Olivetti merger to the end

4 Apr 2003

Shareholders in Italian giant Telecom Italia announced yesterday that they would use all means possible to fight a proposed EUR9.71 billion merger with parent company Olivetti. The main force behind the opposition, investor group Deminor, claims that a merger would be a ‘flagrant assault’ on its rights, but onlookers say that it will prove difficult to block the merger with Olivetti owning 55% of Telecom Italia’s shares, giving it almost enough votes to approve the merger on its own.