Olimpia to increase TI holding

Olimpia, the main shareholder in Telecom Italia, revealed yesterday that it is in the process of acquiring a further 2.8% stake in the operator to take its holding to 17%. Controlled by Telecom Italia chairman Marco Tronchetti Provera, Olimpia recently increased its stake in the telco from 11.5% to 14.2% and yesterday said it would pay a further EUR700 million for new tranche of shares which have been gathered by the bank providing the financing for the deal. Olimpia is owned by Pirelli, the tyre maker owned 50.4% by Mr Tronchetti Provera, the Benetton family’s Edizione Holding (16.8%), investment group Hopa (16%) and Italian banks UniCredito and Banca Intesa (8.4% each).