Telecom Italia has reached an agreement with the Chase Manhattan Group according to which all Seat PG ordinary shares will be bought by a company of the Chase Manhattan Group

12/05/2000 - 00:00 PM

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Telecom Italia announces that it has reached an agreement with the Chase Manhattan Group and Huit II S.à.r.l., according to which all Seat PG ordinary shares (over 710 million), the object of the contract signed on March 15, 2000 (which provided that Huit II S.à.r.l. held a Put option to sell the above mentioned Seat PG ordinary shares to Telecom Italia at the price of Euro 4.2 per share), will be bought by a company of the Chase Manhattan Group, which will assume Huit II´s Put option under the same economic conditions.

Chase Manhattan and Telecom Italia have also agreed on the extension of such Put option until December 2005, with the exception of the possibility of exercising it in advance, in April and May 2003, 2004 and 2005 should particular circumstances occur. The Telecom Italia Group, on the basis of the agreement reached with Chase Manhattan, will also hold a Call option on over 660 million Seat PG ordinary shares under the same terms and conditions, against payment of a premium of circa Euro 750 million.