When Benetton and Pirelli recently seized control of Olivetti and its 55 percent stake in Telecom Italia, the maneuver left a bitter taste in the mouths of Italy's small and medium investors
When the announcement came on July 28 there were smiles all round. An alliance between industrial group Pirelli and the holding company of the Benetton family empire, Edizione Holding, had just pulled off one of the biggest coups in Italian corporate history. Led by Pirelli supremo Marco Tronchetti Provera, the alliance had persuaded major shareholders at the Luxembourg-based investment consortium Bell to relinquish their 23 percent stake in Olivetti at a major premium to the market price.
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