IN BRIEF
Benetton in Deal: The Benetton family’s holding company, Edizione, and Italian tire and cable giant Pirelli, joined forces to buy a 23 percent controlling stake in Italian technology company Olivetti, for $6.1 billion, or approximately $3.70 a share. Figures are converted from Italian lire at current exchange rates.
Olivetti is the parent company of Telecom Italia, Italy’s largest phone company. Olivetti also owns Telecom Italia Mobile and the web-portal, Seat Pagine Gialle. Pirelli will control 60 percent of the new venture, and Edizione the balance. Pirelli and Benetton before owned 1.8 and 1.84 percent, respectively, of Olivetti. The stake was purchased from Bell, a Luxembourg holding company run by Italians.The deal must be approved by the European Union.