By Camilla Palladino,
Hugo Dixon
How do you finance a €21 billion transaction with only €60 million to €70 million of your own money and still keep control? That’s what Marco Tronchetti Provera, the Telecom Italia boss, has achieved with his take-out of the minority investors in Telecom Italia Mobile.
Securing leverage of more than 300:1 is quite a feat, even in a country that is known for its capitalism without capital. Moreover, Tronchetti has done this while simultaneously shoring up his empire’s rickety financial structure.
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