To sweeten its takeover, Pirelli proposed that Roberto Colaninno, outgoing boss of Telecom Italia and already a rich man thanks to the fat premium Pirelli paid him for his shares, should get a euro31m handout inlieuof options and other pay.
That return, unannualized, takes into account the pricing spread, the dividends received on Tosco and the payments inlieuof dividends the fund owed on Phillips to the lender of the Phillips shares.