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Firestone Tire & Rubber Co. found itself Monday in the middle of an international tug of war between Italian and Japanese industrial giants. On Monday, it was Italian tire maker Pirelli that launched a $1.9-billion takeover bid for the tire company, once a symbol of America's industrial power. Only three weeks ago, Bridgestone Corp. of Japan agreed to pay $1.25 billion for 75% of Firestone's tire business.

Lighting products manufacturer Targetti Sankey SpA of Florence, Italy, completed its $5.6-million acquisition of Tivoli Industries Inc., the Santa Ana company said Wednesday. Tivoli, which makes specialty lighting products, will continue to operate from its existing facility and will change its name to Targetti-Tivoli Inc. In its last day of trading Tuesday, Tivoli's stock closed at $4.38 a share, unchanged, on the Nasdaq market.

Lighting products manufacturer Targetti Sankey SpA of Florence, Italy, completed its $5.6-million acquisition of Tivoli Industries Inc., the Santa Ana company said Wednesday. Tivoli, which makes specialty lighting products, will continue to operate from its existing facility and will change its name to Targetti-Tivoli Inc. In its last day of trading Tuesday, Tivoli's stock closed at $4.38 a share, unchanged, on the Nasdaq market.

Tivoli Industries, a Santa Ana manufacturer of specialty lighting and related products, is being acquired by an Italian firm, Targetti Sankey, for $5.6 million, or $4.50 a share, the companies announced Monday. Tivoli provides lighting for entertainment centers, casinos and cinemas. Tivoli clients include Disneyland, Disneyworld and Warner Brothers cinemas. For the nine months ended June 30, Tivoli had revenues of $8.5 million and operating profit of $3.8 million.

Expansion in Italy: Satellite Technology Management Inc. in Costa Mesa said it has signed distributor agreements with COM.NET SPA to expand two existing customer networks in Italy. The company said it will also establish a network to be employed by the Italian space communications agency, Telespazio. The total value of the satellite network orders is about $1.8 million, the company said.

Italtel Spa, the state-owned telecommunications equipment maker, said Tuesday that it selected American Telephone & Telegraph Co. as a partner, virtually ensuring AT&T a role in Italy's huge telephone modernization project. The government is planning to spend more than $25 billion (35 trillion lire) through 1993 on the modernization. AT&T and Italtel have not disclosed details of their partnership.

Tivoli Industries, a Santa Ana manufacturer of specialty lighting and related products, is being acquired by an Italian firm, Targetti Sankey, for $5.6 million, or $4.50 a share, the companies announced Monday. Tivoli provides lighting for entertainment centers, casinos and cinemas. Tivoli clients include Disneyland, Disneyworld and Warner Brothers cinemas. For the nine months ended June 30, Tivoli had revenues of $8.5 million and operating profit of $3.8 million.

Italian Firm Offers $1.1 billion for U.S. Shoe: Italian eye wear maker Luxottica Group mounted a drive to acquire U.S. Shoe Corp., parent of the LensCrafters chain, for $1.1 billion, but the price did not immediately tempt U.S. Shoe. Luxottica, which sells eyeglasses worldwide, said it was making its $24-a-share offer directly to shareholders after it had been rebuffed by U.S. Shoe executives about a friendly merger.

Buon Giorno! Rockwell International's Digital Communications Division in Newport Beach has opened an office in Milan, Italy. Alberto Mantovani, formerly a product marketing engineer at AT&T Microelectronics, will head the office as sales manager for modem systems sales in Italy, Spain, Portugal and Greece. The Digital Communications Division manufactures computer chips for modems and facsimile machines.

Fiat Group, Italy's largest industrial company, and Ford Motor Co. formed a joint venture Tuesday to merge their agricultural subsidiaries into a new company controlled by Fiat. The move further's Ford's goal of ridding itself of its non-automotive operations. Last week, Ford announced it was entering final negotiations with Loral Corp. of New York over the sale of Ford Aerospace Corp. In the agreement announced Tuesday, which must be approved by the Italian and U.S.

Italcable U.S.A., a subsidiary of Italcable SpA, which is half-owned by the Italian government, has acquired 1.4 million shares, or 29.4%, of Voicemail International Inc., the Santa Clara, Calif., maker of voice-forwarding systems. The acquisition was in the form of $2 million worth of Voicemail's 9% convertible subordinated debentures due July 13, 1994, according to a filing with the Securities and Exchange Commission. Italcable SpA is half-owned by the Italian government.

Hollywood doesn't always embrace aspiring film moguls, and many were skeptical when Giancarlo Parretti came to town in 1987 with a bankroll and an ambition to build the next important film company. In 1988, the Italian financier won control of Cannon Group, a struggling mini-studio, and on Wednesday his Pathe Communications announced plans to buy MGM/UA Communications for $1 billion.

Borden Inc. said it has agreed to acquire FIAP Group of Milan, Italy, in a move that will increase Borden's European plastic packaging business by about 60%. Borden, a diversified consumer products company that last month announced 7,000 layoffs and the closure of 65 dairy plants, did not disclose how much it will pay for FIAP. FIAP's estimated 1989 sales are about $90 million, compared to about $150 million for Borden's existing European plastic films and packaging units.

Shamrock Holdings, the private investment company controlled by Roy E. Disney, said Monday that it has agreed to sell its Central Soya soybean processor to an Italian agricultural concern in a deal valued at $365 million, thus reaping a $170-million profit for Shamrock and its partners.

Italtel Spa, the state-owned telecommunications equipment maker, said Tuesday that it selected American Telephone & Telegraph Co. as a partner, virtually ensuring AT&T a role in Italy's huge telephone modernization project. The government is planning to spend more than $25 billion (35 trillion lire) through 1993 on the modernization. AT&T and Italtel have not disclosed details of their partnership.