Telecom Italia continues push to fend off Olivetti

Telecom Italia SpA acknowledged that it will ask for the approval of its stockholders for a merger with the company's 60%-controlled mobile telephone unit. Telecom Italia also introduced other measures that are designed to prevent Olivetti SpA's hostile takeover bid to acquire the company. Telecom Italia is planning to combine its old-style phone unit and its mobile phone business. The move will increase the cost of acquiring the company.