Late yesterday, word came through from Milan that Ing C Olivetti & Co SpA intends to divest its personal computer division, its Technost automated systems and software group and its DSI and Venture Capital USA units, and hopes to raise $525m from the sales, although it is not clear where a buyer will be found for personal computers. Chief executive Roberto Colaninno does not expect the company to be in the black until 1998. Total divestments in 1996 and 1997 should raise between $655m and $765 m. In 1997 we plan to divest non-commercial activities, he said without elaborating. He aims to end the cash hemorrhage next year and he has ruled out another rights issue.
