The man behind the success of Vespa-maker Piaggio, Roberto Colaninno and one of Italy's best-known dealmakers, died at the age of 80, his investment company IMMSI said on Saturday. Till now, there has been no confirmation of the cause of death.

He was known to be a central figure in the country's industrial landscape who managed to change the destiny of a number of failing firms. The entrepreneur left a mixed corporate legacy. The surprise deal of Telecom Italia in 90s brought huge popularity for Colaninno. He finalised a surprise $58 billion leveraged buyout of Telecom Italia in 1999, at the time the world's largest hostile takeover.

Many investors applauded him for masterminding the deal, but allies grew disenchanted over his plans to cut the debt mountain he had created, and forced him to sell control of the group to tyre-maker Pirelli just two years later.

All you need to know about the CEO of Piaggio, Roberto Colaninno

-During the early days of his career, Colaninno worked as auto parts maker Fiamm. Later, he hooked up with one of the giants at Italian business, Carlo De Benedetti. They together established the finance company, Sogefi.

-The company later acquired Fiamm from its British owner and transformed it into one of the most successful car parts suppliers in Europe.

-Colaninno later took the charge of De Benedetti's floundering Olivetti company. He abandoned the firm's loss-making computer unit and streamlined all the company resources on its telephone business.

-He is survived by two sons, Matteo and Michele, and his wife Oretta.

-After the deal of Telecom Italia, the company had to suffer from recovering its debt burden that drained its finances. However, Colaninno emerged from the deal with a fortune of his own. It enabled him to buy IMMSI, a telecom real estate business that he turned into an investment company.

-In 2003, his efforts to take over carmaker Fiat was rebuffed. Later, he turned his attention to Piaggio, maker of the Vespa scooter, which had fallen on hard times.

-Somehow, he managed to pull the company back from deep waters, and led to its rapid expansion in Asia, especially India, China and Vietnam. The group posted record first-half results in July.

-After the revival of Piaggio, Colaninno shifted his focus to other companies that were at the brink of falling down. He tried his hands on another struggling Italian icon, national carrier Alitalia. He invested heavily in the airline in 2008 and becoming chairman in the process.

-This time, his luck didn't work that well and he failed to turn the company around. The company eventually shuttered. Later, he was sent to trial last year, along with 13 other defendants accused of fraudulent bankruptcy at the airline. He denied wrongdoing. The case has yet to come to court.

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