Olivetti Gets OK to Buy Telecom
Olivetti SpA’s audacious bid for Telecom Italia SpA won approval from Italy’s stock market regulatory agency, clearing the way for what would be Europe’s biggest telecommunications takeover. The approval by the regulatory agency, Consob, means Telecom Italia will have a much harder time in any effort to block the hostile acquisition by Olivetti. Olivetti has said it will offer $58 billion in cash, bonds and shares for shares in Telecom Italia, the world’s sixth-largest telecommunications firm. It is five times the size of Olivetti.