IBM’s plans for a value-added network services joint venture with British Telecom here were stymied by a veto from the Department of Trade & Industry, but IBM Italia hopes to get its way with a local partner of similar gravitas – Fiat SpA. The pair have agreed to form Intesa as a 50-50 venture in Turin, offering inventory library maintenance services for big companies – with Fiat the first customer. Investment is set at $50m over five years, annual sales at $150m by 1994.
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