Provera’s grip on Telecom Italia slipping

16 Jun 2003

The merger of Telecom Italia (TI) with Olivetti, which is threatening Marco Tronchetti Provera’s ownership status in the company, is edging closer to completion. Once the deal is sealed it is estimated that Provera’s stake could fall to as little as 10%. Olivetti shareholders have rejected the opportunity to sell out for cash deeming the price to be too low. Provera is hoping that the share price will rise through July in order to sweeten the terms of the tender offer.