Pirelli and its advisers have structured a Lit2 trillion (€1bn) exchangeable bond that will allow it to retain control over shares it has bought in Olivetti, even though Pirelli has already sold them on.

Pirelli has sold an equity-linked bond to Bell, the investment group run by Roberto Colaninno, that will convert in six years into shares in Olivetti, the holding company that owns Telecom Italia.