Olivetti has secured the support of shareholders representing 51 per cent of Telecom Italia's stock in a move that could pave the way for its $64 billion takeover of the Italian telco.
The shareholders tendered their shares to Olivetti on the Milan bourse on Friday, which means Olivetti should find it relatively easy to oust Deutsche Telekom (DT) from the running. DT had agreed to merge with Telecom Italia in April.
Olivetti will hold a board meeting on Saturday to assess the outcome of the takeover bid.
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