Magazine article Global Finance

Italy: Keep It in the Family

Magazine article Global Finance

Italy: Keep It in the Family

Article excerpt

Italy's favorite businessman, Pirelli chairman Marco Tronchetti Provera, has found himself in the spotlight again after announcing he'd snatched control of Telecom Italia. In a complex deal involving a number of layered corporations,Tronchetti Provera bought control of Telecom Italia, valued at E55 billion, for just E7 billion.

The move left more than a few market watchers scratching their heads.Analysts at the Financial Times did some quick sums and concluded the colorful Tronchetti Provera had won control of the company despite personally owning less than 0.5% of its stock. Tronchetti Provera may well have been alluding to this when he described Pirelli's stake as "a relative majority share in Olivetti-Telecom" It's unclear if he was also obliquely referring to the fact that he'd built his ties with the Pirelli family by marrying into it, or even that the deal was clinched with the help of the Benetton family. …

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