Pirelli to Buy 300 million More TI Shares

The shareholders of Olimpia SpA have agreed to allow the purchase of a further 700 million Telecom Italia shares. As chief partner in the company (holding 50.4 per cent) Pirelli could buy up to 300 million share, while the other parties (Edizione, Hopa SpA, Banca Intesa SpA and UniCredito Italiano SpA) will be able to buy 100 million each. Olimpia investors already hold 17 per cent of Telecom Italia’s shares. 700 million shares equates to roughly six per cent of Telecom Italia.