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... And So Does Italy


International Outlook: GLOBAL WRAPUP

... AND SO DOES ITALY

Despite Italy's political chaos, one of its biggest industrial privatizations may soon take place. On Mar. 3, a consortium of four Italian banks, led by powerful merchant bank Mediobanca, offered to purchase the government's $10 billion majority stake in telecommunications giant STET. In a letter to state holding company IRI, which controls 60% of STET, the consortium offered to pay 70% of the total value of IRI's shares and float a part of those shares in a public tender offer. Prime Minister Lamberto Dini says that he expects STET to be privatized before the end of the summer.EDITED BY CHRISTOPHER POWER


Race, Class, and the Future of Ferguson
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