In Italy, the financial holding company HOPA, controlled by entrepreneur Emilio Gnutti, is to take a 16% stake in OLIMPIA, a company controlled by PIRELLI and OLIVETTI's leading shareholder with a 28.7% stake. The deal will make HOPA OLIVETTI and TELECOM ITALIA's third largest shareholder. OLIVETTI is TELECOM ITALIA's majority shareholder (holding a 54.8% stake).