Olivetti admits blunder in sale of Telecom shares
Thursday 01 April 1999
But Roberto Colaninno, Olivetti's chief executive, said the sale of 24.4 million shares, which was announced on Tuesday, was carried out for treasury management purposes, and was "fully legitimate ... the only mistake concerns the delay in the announcement".
Olivetti sold the block of shares, which amounts to 0.46 per cent of Telecom Italia's ordinary capital, for an average 9.73 euros per share, netting 237.5m euros (pounds 160m). Its announcement on Tuesday prompted the Italian stock exchange regulator Consob to ask Olivetti for clarification.
Telecom's head, Franco Bernabe, who is in the United States to try to win fund managers' support for his defence plan, accused Olivetti of attempting to depress Telecom's stock by "throwing millions of shares into the bourse".
While the ensuing row has diverted attention away from Olivetti's increased 65m euro bid, Telecom Italia is poised to launch an all-out offensive against Olivetti as soon as Consob lifts restrictions on what it can say.
The constraints were meant to be in place until Olivetti formally tabled its bid. But with shareholders due to vote on 10 April on Mr Bernabe's own proposals, the rules are set to be relaxed.
- 1 What if 35 Palestinians had died, and 800 Israelis?
- 2 Disney heiress Abigail disowns her share of family profits in West Bank company
- 3 The secret report that helps Israel hide facts
- 4 'Women should not laugh in public,' says Turkey's Deputy Prime Minister in morality speech
- 5 Ross Burden dead: MasterChef and Ready Steady Cook star dies at age 45 after suffering from cancer
Disney heiress Abigail disowns her share of family profits in West Bank company
Man who had whole face transplant after being shot in the face becomes GQ star
'Women should not laugh in public,' says Turkey's Deputy Prime Minister in morality speech
Richard Dawkins says 'date rape is bad, stranger rape is worse' on Twitter
Ross Burden dead: MasterChef and Ready Steady Cook star dies at age 45 after suffering from cancer
The secret report that helps Israel hide facts
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
A day in the life of Vladimir Putin: The dictator in his labyrinth
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Boozy, ignorant, intolerant, but very polite – Britain as others see us
A new Russian revolution: The cracks are starting to appear in Putin’s Kremlin power bloc
- < Previous
- Next >
iJobs Money & Business
£350 - £400 per annum + competitive: Orgtel: Project Manager (specializing in ...
£25000 per annum + OTE £40,000: SThree: Orgtel are seeking Graduate Trainee Re...
£45000 per annum + Benefits: Ashdown Group: ** HR Business Partner - Senior H...
£28000 - £32000 per annum + Benefits: Ashdown Group: PA / Team Secretary - Mat...