Accounting inquiry at Olivetti widens to include De Benedetti, major sales
Article Abstract:
The investigation into the accounting practices of Olivetti SpA is now focusing on former Chmn Carlo De Benedetti and transactions with some of the company's major customers. Consob, Italy's stock-market regulator, is conducting the investigation. Olivetti has been asked to explain its dealings with the Russian government, the Italian Post Office and the sale of $37.4 million in securities to Lehman Brothers of New York. Olivetti has not responded to the allegations, but is reportedly working on a response to Consob's inquiries. The company's problems began five weeks ago when DeBenedetti resigned after Olivetti posted another loss in a string of five years of consecutive losses. General Manager Renzo Francesconi then resigned because he did not agree with the company's financial results. His comments triggered the investigation.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1996
User Contributions:
Comment about this article or add new information about this topic:
Cable & Wireless is joining Veba in telecommunications venture
Article Abstract:
Cable and Wireless PLC and Veba AG jointly announce plans to construct a telecommunications empire in Western Europe. The two companies will invest about 4 billion pounds sterling over a decade in the effort. The deal also involves a white night arrangement with Veba, designed to forestall long-rumored takeover attempts of Cable and Wireless. Veba pays 395 pence each for 109.6 million shares of Cable and Wireless stock, or 5 percent of the shares outstanding, and announces plans to pay up to 435 pence per share in coming months for another 5.5 percent stake. However, Veba promises not to increase its stake beyond 10.5 percent unless Cable and Wireless is targeted by a takeover effort. The UK government holds enough shares in Cable and Wireless to veto any takeover attempt, but may soon surrender its veto power.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1995
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: New rule requires wireless-phone firms to disclose handsets' radiation levels. Cell-phone makers agree to develop risk standard
- Abstracts: Baker quits as secretary of state to run Bush reelection campaign as chief of staff. Agreement on debates reached
- Abstracts: A note on constructing spot price indices to approximate futures prices. Constructing accurate cash settlement indices: the role of index specifications
- Abstracts: A perspective on accounting for defense contracts. Overhead allocation and incentives for cost minimization in defense procurement
- Abstracts: Financial forecasting at Rockwell International's Defense Electronics. Financial forecasting at Atlantic Richfield Company