Telecom Italia's Cross-Border Deal Gets High Praise

Law360, New York (April 30, 2007, 12:00 AM EDT) -- Spanish telecommunications company Telefonica SA and a consortium of Italian financial partners have finalized their takeover of Telecom Italia, an acquisition that is being celebrated by proponents of robust cross-border competition as an exemplary deal.

Pirelli & C SpA agreed to sell Olimpia SpA, Telecom Italia’s largest shareholder, late on Saturday evening. According to the terms, Telefonica will get 42.3% of shares, while the Italian conglomerate, which includes insurance company Generali Group, banks Mediobanca SpA and Intesa SanPaolo SpA and clothing company Benetton Group SpA, will...
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