Former Prime Minister bids on Telecom Italia

Former Italian Prime Minister Silvio Berlusconi said he would bid on Telecom Italia to ensure it doesn't fall into foreign hands. Berlusconi said not to assume his plan was to "control" Telecom Italia, but rather: "My offer should be understood as an act of patriotic generosity, and if there are any problems with it, I would back out immediately." The theatrics are just the latest in the highly political acquisition dance that Pirelli, a company who owns a stake in a shareholder of Telecom Italia, has entered into with America Movil and AT&T. AT&T recently backed away from exclusive talks with Pirelli, according to reports.

For more on Berlusconi's interest in Telecom Italia:
- see this WSJ report (sub. req.)