Olivetti and Mannesmann face court battle over mobile bid

NEWS Troubled Italian computer company, Olivetti and German conglomerate, Mannesmann are facing a lawsuit from a minority shareholder of Cellular Communications International (CCIL) together with the New York-based carrier's management. The two European companies are attempting to buy CCIL at a price which a number of majority shareholders have approved, but which the prosecutors are complaining is too low. The plaintiffs maintain the price being offered does not reflect the company's true share price or its 10 per cent stake in the wildly successful Omnitel Pronto Italia mobile carrier. Together Olivetti and Mannesmann already have a 40 per cent indirect stake in Omnitel. The joint tender has yet to be approved by the necessary amount of shareholders. The offer expires on 15 January.