Phone giant seeks one-third ownership of Italian company -- will pay $3.5 billion for it AT&T Inc. announced Sunday its intention to take an indirect stake in Telecom Italia S.p.A.The company plans to buy one-third of holding company Olimpia S.p.A, which holds 18 percent of Telecom Italia’s shares, pending regulatory approval, AT&T said. The investment is contingent upon a separate investment by America Movil S.A.B. de C.V. also buying one-third of Olimpia, which is 80 percent owned by Pirelli & C S.p.A., AT&T said.Based on the price that AT&T would be offering, its stake in Telecom Italia would total about $3.47 billion. Telecom Italia is one of Europe’s largest fixed line, mobile, and broadband carriers. Technology Industry