In recent years Telecom Italia has been the vehicle for some of Europe's most creative financial maneuverings. The telephone operating company was acquired in 1999 by Olivetti in a record-breaking $65 billion leveraged buyout that showed no company was impregnable to a hostile takeover. Two years later tire maker Pirelli & C. wrested control of Telecom Italia by buying an 18 percent stake; Pirelli would subsequently tussle with minority shareholders over the terms of capital increases and debt restructurings.
展开▼
