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In this paper, the authors study the history of Telecom Italia, the sixth biggest world telecommunication company for turnover, to evaluate how changes in control affected minority protection. Telecom Italia was privatized in 1997 and it has been the target of two takeovers in 1999 by Olivetti and 2001 by Pirelli. Recently, in 2008, control was ultimately passed over to a newco, Telco, owned by the Spanish Telef?nica and a consortium of Italian banks. They analyze how the acquisitions of Telecom Italia were achieved and, in particular, who paid for the control and what were the consequences for minorities.
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