Telecom Italia Pact Romana

Marco Provera Tronchetti may look to have increased his grip on Telecom Italia. But it actually may be weaker. The Pirelli boss’s pact with Mediobanca, the Italian bank, and insurer Generali brings into the fold investors with a combined stake of 5.2%. Added to the 18% stake held by Olimpia, the shell company through which Tronchetti exercises quasi control of TI, gives 23%. That’s surely a tighter grip, right? Well, neither Mediobanca nor Generali, which it effectively controls, have actu...