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October 27, 1995

OLIVETTI RIGHTS ISSUE ON FOR DECEMBER

By CBR Staff Writer

Ing C Olivetti & Co Sp sales rose 14.7% in the first nine months of 1995 compared with the same period in 1994, group chief executive Carlo De Benedetti told the extraordinary shareholders’ meeting called to approve the planned rights issue. He forecasts that sales for the whole of 1995 would rise above $6,200m compared with $5,619m at the current rate of exchange for last year. De Benedetti told shareholders that net group debt would fall to $250m after the rights issue from $1,670m at the end of August. Operating costs are set to fall to 18% of turnover from 20%, he added. But, saving the bad to last, he said Olivetti would make a net loss in 1995, even before taking into account a $557m restructuring charge, but it would be smaller than the 1994 loss of $420m. The rights issue will raise $1,400m, in the first half of December.

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