In many cases, chief executives can argue that such sums underplay the value of a deal. After all, Telecom Italia shareholders are being offered shares in a new group, which will be able to cut €500mn off its cost base, with a net present value of perhaps €3.5bn. But they are only getting a sliver of that. Their stake in the new group, plus the slug of cash that comes with it, is only worth 11 per cent more than their shares were valued at on Friday, Lex calculates.