Olivetti thwarted the world's biggest ever merger at the weekend as its hostile takeover bid for Telecom Italia succeeded.
Telecom Italia shareholders sold sufficient stock to give Olivetti a 51 per cent stake in Italy's largest telco at a cost of around $33 billion in cash, stock and bonds.
The deal has effectively ended the attempt by Germany's Deutsche Telekom to merge with the Italian telecoms giant - a move that would have created the world's largest telephone company.
Telecom Italia will hold a board meeting tomorrow to discuss the outcome of the deal. The chief executives of both Italian companies will meet today in Rome to discuss management changes - Telecom Italia's Franco Bernabe is expected to leave the company.
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