A consortium of Italian banks and financial institutions has increased its bid to purchase Pirelli’s stake in Telecom Italia at Euro 2.8-2.9 per share.

A consortium of Italian banks and financial institutions has increased its bid to purchase Pirelli’s stake in Telecom Italia at Euro 2.8-2.9 per share. Pirelli owns 80 per cent stake in Olimpia SpA, a holding company, controlling 18 per cent of Telecom Italia. The consortium had initially bid Euro 2.6 per share. However, Pirelli is targeting to receive Euro 3 per share. To further complicate matters, Unicredito Italiano, a member of the consortium, is planning to exit the group. Negotiations are nevertheless going on.