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. Last Updated: 07/27/2016

Telecom Italia Defense

LONDON -- Bid target Telecom Italia is trying to line up a loan worth up to 20 billion euros ($21.79 billion) as part of its defense against Olivetti SpA's hostile offer, banking sources said.

The sources said Monday that Telecom Italia, if it managed to raise the money, would probably use it for a share buyback or a special dividend to defend itself against Olivetti.

Olivetti last month launched a $58 billion takeover bid for former state-owned giant Telecom Italia, which is five-times its own size. It plans to partially finance the takeover with a 22.5 billion euro loan currently being arranged.