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Europe: Olivetti plans merger with Telecom ltalia

Marco Tronchetti Provera, who is chairman of Telecom Italia and Olivetti, proposed merging the two companies by exchanging Olivetti stock for the 45% of Telecom Italia that Olivetti does not already own. The merged company would keep the Telecom Italia name.

Tronchetti Provera says the $29 billion

stock-swap transaction would give Olivetti access to Telecom Italia's cash flow, which it could use to pay down debt.

A group of 70 Telecom Italia minority shareholders hired Brussels-based shareholder rights group Deminor to demand better terms. Olivetti offered seven new ordinary shares for each share of Telecom Italia.

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