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January 19, 2007
Italian tyre manufacturer Pirelli said on Friday that it has had various contacts with interested parties over the possible entry of third parties into Olimpia, the Italian holding firm Olimpia, which controls Telecom Italia.
Pirelli increased its stake in Olimpia to 80 per cent in October, with the remaining 20 per cent held by Benetton.
“Pirelli.specifies the company’s willingness, already communicated, to evaluate the entry of new minority shareholders into Olimpia.At the moment, however, no understandings or agreements of any kind exist, even of a preliminary nature,” Pirelli said.
The Olimpia holding company controls 18 per cent of leading Italian operator Telecom Italia.
At the time of Pirelli’s move to raise its stake in Olimpia analysts warned that the company would have to consolidate Olimpia’s debt of Eur 41.3bn into its balance sheet. This led to speculation that Pirelli’s best move would be to sell off TIM to protect Pirelli.
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