Olivetti has reacted angrily to the decision by Italian regulator, Consob, to block its #36 million bid for Telecom Italia.
The hardware supplier claims that Consob reached its decision based on comments made by the privatised telco, and as a result, is now scrambling around to make a firm offer to preempt any objections Europe?s third largest telecoms company might have to the takeover.
While Olivetti is likely to call on its shareholders for cash to finance its bid, Telecom Italia shareholders are worried that a takeover will lead to a minority of the computer giant?s shareholders having control of it.
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