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Pirelli deal turns control of Telecom Italia over to Spain's Telefonica with backing of Italian banks

Pirelli deal turns control of Telecom Italia over to Spain's Telefonica with backing of Italian banks

The board of Pirelli & C SpA accepted an offer Saturday night that turns over control of Telecom Italia to a consortium of companies comprising Spain's Telefonica and Italian banks, Pirelli said.
Pirelli agreed to sell its 80 percent share in the Olimpia holding company, which in turn controls Telecom Italia with an 18 percent stake in the telecommunications company, to Spain's Telefonica and a consortium comprised of Mediobanca, Banca Intesa San Paolo, the insurer Generali Assicurazioni, and the Benetton family.


Updated : 2021-04-14 04:54 GMT+08:00