Telecom Italia under pressure from rival bid for controlling stake

Media-fueled reports of a pending takeover of Telecom Italia (TIT.IT) by two rival parties, U.S. fund KKR and jointly, Italian lender Cassa Depositi e Prestiti along with Australian fund Macquarie, have yet to materialize, putting pressure on the telecom giant's shares. 

According to sources familiar with the matter, Italian state-owned lender CDP has yet to receive key government backing to make a bid with Australian fund Macquarie. Time is putting pressure on the entire case, as Telecom Italia's board of directors will meet on Friday to discuss the terms and conditions and its stance on a controlling stake in the KKR fund.

Source: xStation 5