The tangled saga of the Olivetti PC Company took a further twist yesterday when it announced it would recapitalise itself to the tune of an additional $25 million.
Last month, the company said it only needed $40 million to ensure its future but now Merrill Lynch International will give it an additional credit line, according to reports in the 'Wall Street Journal'.
Piedmont was the company created to rescue the PC division of Olivetti, after Carlo De Benedetti, still a shareholder, was toppled in a boardroom coup.
But although Piedmont was backed by a consortium of investors, one, at least, has decided it does not want to bite the bullet. Milanese Arca Merchant has decided not to back Olivetti PC.
Investigations into alleged irregularities in the books of Olivetti SpA are still underway at the Bourse in Milan.
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