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Technology Stocks : Newbridge Networks

NN 16.41

-1.7%

Dec 12 9:30 AM EST

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To: Peppe who wrote (10947)	4/22/1999 5:19:00 PM
From: pat mudge	of 18016

Peppe --- The plot thickens: <<< April 22, 1999 Dow Jones Newswires Olivetti's TI Bid Prospectus Okayed By Italy Mkt Regulator Dow Jones Newswires MILAN -- Italian stock market regulator Consob late Thursday approved Olivetti SpA's (I.OLV) prospectus for a tender offer for Telecom Italia SpA (TI). Olivetti can begin its tender offer on April 30. Consob needed to aprove the prospectus by this Thursday in order to respect Olivetti's offer to start the tender no later than April 30. That's because Italian law requires that five full working days pass after a prospectus is approved before a tender can start. The approval comes on the day Telecom Italia detailed a merger proposal with Deutsche Telekom AG (DT) which is aimed at blocking Olivetti's bid. Olivetti is expected by some analysts and investors to go ahead with its tender and, should it gather even 20% of TI's shares, attempt to become a key shareholder of the new telecommunications group. Under the TI-DT plan, a new company would be formed that would swap one of its shares for one DT share and one of its shares for three TI ordinary shares. >>>>

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