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On August 27, worried representatives of seven UK fund managers met at the London offices of Baring Asset Management at 155 Bishopsgate. They had all bought sizeable chunks of Olivetti stock at the start of the year most in an internationally syndicated rights issue paying around L1,000 ($0.65) a share. In total they held a 25% stake. They had believed that a turnround at the troubled Italian information technology group would soon boost its share price, which had fallen from nearer L3,000 at the start of the 1990s. |
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