Word: tronchetti
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...sweet memories of summer. Just a few weeks ago, Telecom Italia's dashing chairman Marco Tronchetti Provera boarded Rupert Murdoch's private yacht off the Greek island of Zakynthos, seeking to buy media content from the Aussie-born mogul for Telecom's broadband service. Even more enticing was the possibility that Murdoch might want a stake in the [an error occurred while processing this directive] Italian company's mobile-phone unit, which would help lift it out of its €41 billion debt. At the very least, said Tarak Ben Ammar, Murdoch's go-to guy in Italy: "The water...
...catch him jumping off a yacht in his birthday suit, as one once did, well, that's news too. When Agnelli needs to tell the Prime Minister something, the P.M., whoever he may be, listens intently. But if Agnelli is the king, then the crown prince is Marco Tronchetti Provera, 53, chairman of Pirelli, the $4.5 billion tire and cable maker...
...Although he was not born into an illustrious family, Tronchetti Provera married into one. His 1978 marriage to Cecilia Pirelli ended in divorce, but that didn't seem to hurt his stance with father-in-law Leopoldo, who continued to appoint him to top jobs at the family firm. (Tronchetti Provera has since taken up with a Tunisian model-showgirl known to Italians simply as Afef.) The Pirelli chairman does not yet yield the same kind of power as Agnelli, but he's trying. He took a major step in that direction last month when, together with the Benettons...
...fall for Colaninno. Pirelli and Benetton put together a $6 billion package that allowed them to buy 23% of Olivetti, which in turn owns 55% of Telecom Italia. Since they already owned nearly 4% of Olivetti, their share rose to 27%, with which they can control the telecom giant. Tronchetti Provera, who is credited with turning around Pirelli, had been sitting on $3.2 billion in cash after selling two optical technology firms to Cisco and Corning. For months the guessing game in Milan was what will Pirelli buy? "Telecom has a strong market position and we wanted to invest...
...interview with the International Herald Tribune, Tronchetti Provera acknowledged as much, but hinted that he would streamline "the cascading holding companies [that] are an inheritance from the past." His initial vision for the group certainly seems future-oriented. Shortly after the deal was announced, he laid out plans for Pirelli to sell its truck-tire...
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