Telecom Italia demands halt to Olivetti bid after `ambush'
Friday 21 May 1999
With less than 24 hours to go before the offer closes, Beradino Libonatti wrote to Consob, demanding that the bid be halted because of "unauthorised and illegal" attempts to influence the way shareholders vote.
Franco Bernabe, the chief executive of Telecom Italia, added that it had been "ambushed" by people with no respect for authority or the regulations, using tactics which in other countries would render the offer invalid.
Telecom Italia's complaints centre around claims fed into the market from "people familiar with Olivetti" on the level of shareholder acceptances. These reports claim support is running at 42 per cent, well above the 35 per cent needed for Olivetti to claim control, when the official acceptance level as of Wednesday night was 9.03 per cent.
Telecom Italia also said it was seeking injunctions against the unknown parties responsible for spreading the claims.
The Olivetti camp hit back last night with counter claims that the true level of support for its cash and shares bid was being understated because nominee banks supporting Telecom Italia were sitting on shares which had been voted in favour of the bid.
Even if Olivetti achieves 35 per cent backing,Telecom Italia insists that, under its articles of association, Olivetti would only be able to vote 3 per cent of those shares in favour of the deal while holders of savings shares - preference shares - in Telecom Italia might launch a legal challenge.
- 1 Sabrina Corgatelli: US hunting tourist posts picture of herself with dead giraffe after Cecil the lion outrage
- 2 Tom Cruise: Reporters banned from asking actor about Scientology
- 3 A-level results 2015: UK exam board OCR admits it 'estimates' hundreds of pupils' grades after papers 'go missing'
- 4 Dutch King Willem-Alexander declares the end of the welfare state
- 5 Giant Minion terrorises drivers in Ireland as 40ft inflatable blocks traffic on Dublin road
Edward Heath 'raped 12 year-old boy at Mayfair flat'
Sabrina Corgatelli: US hunting tourist posts picture of herself with dead giraffe after Cecil the lion outrage
'Gene drive': Scientists sound alarm over supercharged GM organisms which could spread in the wild and cause environmental disasters
Labour leadership race: Jeremy Corbyn could be the next Prime Minister, says Ken Clarke
Tom Cruise: Reporters banned from asking actor about Scientology
Is Britain really full up? Are migrants taking our jobs? Leading academic answers the most common anti-immigration claims
Calais Migrant Crisis: Deputy Mayor of Calais labels Cameron's use of 'swarm' as 'racist' and 'ignorant'
Chris Leslie: Jeremy Corbyn's anti-austerity agenda will harm the poor, says Labour shadow Chancellor
Landlords renting properties to illegal immigrants to face up to five years in prison
While we fixate on Calais, the Home Office is quietly deporting dozens of migrants on 'ghost flights'
Calais crisis: The seven claims made about the migrants - and the reality
iJobs Money & Business
£35000 - £37000 per annum + benefits: Ashdown Group: Contracts Executive - Cit...
£20000 - £25000 per annum + OTE £45K: SThree: SThree Group have been well esta...
£21000 per annum: Recruitment Genius: This is an exciting opportunity to join ...
Up to 70k DOE: Guru Careers: We are seeking an experienced Financial Director ...