At last something might be going right for ailing IT group Olivetti. The company may have reached an agreement to sell its PC division to Centenary, a US company headed by New York investor David Gottesman.
Centenary specialises in buying struggling companies in order to restructure them. And Robert Colaninno, Olivetti?s chief executive, has said he would like to announce the deal before the end of the year. The company is aiming to dispose of assets totaling L800 billion ($527.8 million) by year end to reduce its debt and the PC company is the main element in this plan.
Several deals are rumoured to have been discussed and dropped, both with PC makers and financial groups. Olivetti is under heavy pressure from investors and banks to sell the PC subsidiary.
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