ROME-The takeover battle engaged by Olivetti spa for Telecom Italia spa was scheduled to come to a head Saturday, when Telecom Italia shareholders were scheduled to vote on the takeover defense plan formed by Chief Executive Officer Franco Bernabe.
At least 30 percent of all stockholders must approve the measures. The company’s largest stockholder group, the Italian Ministry of the Treasury-which holds 3.4 percent of Telecom Italia stock-said it would abstain from participating in the vote.
Olivetti’s Managing Director Roberto Colaninno reportedly threatened to drop the takeover bid completely if Telecom Italia investors approved any portion of the reorganization plan, which consists of converting saving shares to ordinary shares, a 10-percent share buy-back, and a cash buyout of Telecom Italia Mobile, its cellular phone subsidiary.
