Scots fight Telecom Italia bid
Sunday 07 March 1999
Edinburgh-based Standard Life, one of Telecom Italia's biggest investors, says the buyout will saddle Telecom Italia with debts, hampering growth.
Standard Life, which has about pounds 65bn in investments worldwide, last week started canvassing 28 Telecom Italia investors holding 12 per cent of the company in New York and the UK. Leon de Jerez, head of continental European equity investments at Standard Life, said many of the investors are considering supporting Telecom Italia's management in exchange for some promises to "unlock value'' by absorbing its mobile phone unit Telecom Italia Mobile.
These investors also suggest changing Telecom Italia's capital structure to eliminate its savings shares, by converting them to stock or buying them back.
Standard Life, whose head of corporate governance, Guy Jubb, was in New York meeting investors last week, is hoping to line up investors to sign a letter to be sent to Telecom Italia management outlining their requests in return for supporting chief executive Franco Bernabe in repelling Olivetti's bid.
"We don't necessarily see blocking Olivetti as a victory,'' said Mr de Jerez. "We still need to see a clear [industrial] plan from Telecom Italia.''
On Friday night, Telecom Italia's board of directors - which controls about 7 per cent of the stock - gave Mr Bernabe a mandate to defend the company from Olivetti, whose chief executive said he has no plans to raise the bid.
Telecom Italia's biggest shareholders include the California Public Employment Retirement System, Fidelity Investments, The Teachers Insurance and Annuity Association, College Retirement Equities, TRowe Price Associates, Merrill Lynch Asset Management and Capital Research Management.
Newcastle manager taunted again as his side loses to Stoke
- 1 Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
- 2 Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
- 3 The Simpsons death: Creator Al Jean would 'kill himself' before a character like Homer or Lisa
- 4 British man raped while urinating in bushes at Oktoberfest beer festival in Germany
- 5 Pope Francis assures atheists: You don’t have to believe in God to go to heaven
Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
Isis an hour away from Baghdad - with no sign of Iraq army being able to make a successful counter-attack
Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
British man raped while urinating in bushes at Oktoberfest beer festival in Germany
George Clooney and Amal Alamuddin wedding: The famous congratulate actor and human rights lawyer after Venice nuptials
Isis, we are told, is a 'clear and dangerous threat to our way of life'. I’m sorry, but I just don’t buy it
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
'Women, walk wherever you want' posters taken down in Stamford Hill following 'unacceptable' signs separating men and women
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Should gay sex be illegal? 16% of Britons think so
- < Previous
- Next >
iJobs Money & Business
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...
£300 - £330 per day: Ashdown Group: SQL Developer (Stored Procedures) Watford...