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. Last Updated: 07/27/2016

Olivetti Strikes Back

MILAN -- Italy's Olivetti has raised its bid for Telecom Italia by 15 percent to $65 billion, striking back aggressively as its larger rival pulled together a massive loan it hoped would thwart its plans.

Olivetti upped the ante in Europe's biggest takeover battle Monday, two days after Telecom announced a dramatic U-turn in its own defense strategy and after winning pledges for 28 billion euros ($30.5 billion) compared with the 22.5 billion euros it originally sought.