Olivetti?s shares jumped eight per cent on the Italian stock exchange yesterday following reports that the company will finally announce the sale of its PC business later this week.
The ailing computer group is expected to sell its PC business to a consortium of European investors for up to L200 billion but declined to comment on the timing of the deal. A source close to the company has confirmed, however, that Gainmario Rossignolo, chairman of white goods group Zanussi, is one of the consortium working with US financier Edward Gottesman of the Centenary Group, on the acquisition.
Completion of the deal is essential for Olivetti?s financial recovery strategy and will help ease concerns over the group?s debt mountain. The company's share price jumped to close 7.35 per cent higher at L587.3 on the Milan stock exchange, with a session high of L591 on volume of nearly 55 million shares. The company did announce at the turn of the year that it had cut its debt by $73 million to $1.9 billion, from $1.98 billion at the end of October.
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