A very Italian problem has found a very Italian solution. The consortium that is taking effective control of Telecom Italia keeps notional authority in the hands of domestic institutions, which will own 58 per cent of a vehicle that will, in turn, own 24 per cent of TI’s voting shares. And it provides the most credible long-term “partner” (read owner) available, in the form of Spain’s Telefónica. The latter should passify TI’s public shareholders, who have once again been denied a voice.

Italy’s banks are keen to recast their image but the participation of Intesa Sanpaolo – which helped bankroll TI’s holding chain in 2001 – and Mediobanca with its quasi-affiliate Generali, suggests that retrograde instincts die hard. Meanwhile, Pirelli, TI’s dominant shareholder, has found a way to exit a shambolic situation. The price, equivalent to €2.82 per TI share, is above market value. But public investors in Pirelli should be wary. It is unclear what it will do with its €3.3bn share of the proceeds. And as Pirelli now has no strategic relevance, the consortium, which also includes Benetton, may offload its longstanding combined 18 per cent stake in the tyre maker.