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. Last Updated: 07/27/2016

Olivetti Bid Gamble

IVREA, Italy -- Italy's Olivetti gambled its $65 billion offer for Telecom Italia on Tuesday, threatening to drop the hostile bid if Telecom shareholders backed key parts of the company's defense plan.

Forced to show its hand by Italian regulators, Olivetti also ended days of uncertainty over the terms of its bid, saying it would not try to carry off less than 35 percent of Telecom if it failed to reach its target of 67 percent.

The ultimatum was wrung out of Olivetti by financial-market watchdog Consob ahead of Telecom shareholder meetings due from April 10 f meaning its leveraged bid for Europe's fourth biggest telecom group could be wrecked even before it is officially launched.