Olivetti?s chief executive said on Wednesday that the firm would cut 13,000 jobs at Telecom Italia?s fixed line operations unit as part of its $58 billion hostile takeover bid, if the deal goes through.
Roberto Colaninno said his aim was to strip $2.55 billion of operational costs out of the business by 2002, but he had no immediate plans to reduce Telecom Italia?s stake in Europe?s largest cellular phone operator, Telecom Italia Mobile (TIM) - despite statements in the original bid documents, which stated the intention of cutting it to 60 per cent.
Colaninno is trying to convince investors that Olivetti?s socalled industrial plan is more effective than Telecom Italia?s, which is trying to stave off the takeover.
Telecom Italia has suggested merging the fixed line business with TIM to make itself too expensive for Olivetti to buy, but the scheme has met with a mixed response.
It would involve selling off non core assets, converting Telecom Italia non voting shares into ordinary shares, buying back 10 per cent of its capital, and progressively reducing both international and national rates by 50 per cent by 2002.
Many investors and analysts believe that Olivetti?s best chance of swaying opinion is to raise its offer price, however, although it has not suggested the move itself.
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