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Telecom Italia’s chairman, Guido Rossi, resigned last week after a prolonged falling out with Pirelli chairman Marco Tronchetti Provera. The latter holds an 18 per cent stake in the telecom giant through the holding company Olimpia. His resignation came in the wake of Pirelli chief trying to sell a major chunk of Olimpia to US [...]

A consortium of Italian companies, led by Spain’s Telefonica, succeeded in buying a majority control in Telecom Italia on Saturday. After months of speculations, Italy’s Pirelli sold its interest in Telecom Italia, thus ensuring that the phone group remains in domestic hands. Telefonica and partners have agreed to pay €4.1 billion for a controlling 18 [...]