Some U.S. investors in Telecom Italia SpA said this week that they would like to see Olivetti SpA make a bigger, more cash-heavy bid for the company.

The investors' reaction to the $57.3 billion bid may influence Olivetti's advisory group: Chase Manhattan Corp., Donaldson Lufkin & Jenrette, Lehman Brothers, and Mediobanca. Those firms are responsible for financing Olivetti's takeover move.

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