Pirelli says Olimpia sale could take months

24 Apr 2007

Italy’s Pirelli group says it may be months before it finds a buyer for its controlling stake in Telecom Italia (TI). Pirelli is looking to sell most of its 80% interest in Olimpia, a company which owns an 18% controlling stake in TI. It has held negotiations with a number of parties, including AT&T, América Móvil, Telefónica and a group of Italian banks. Local media group Mediaset, which is controlled by former Prime Minister Silvio Berlusconi, is the latest firm to be linked with Olimpia. Pirelli chairman Marco Tronchetti Provera told a shareholder meeting: ‘We don’t have an exact timetable, but we don’t need to do it (sell the holding) in the short term,’ reports Reuters.

Italy, Telecom Italia (TIM)