Italy seeks new options for TIM with network bid seen on hold

MILAN : Italy is working to find by the end of the year the best market-friendly options for struggling Telecom Italia , signaling that a planned bid for the phone group's landline grid by state lender CDP has been put on hold.

Rome aims to kick off talks to set out by Dec. 31 the"best viable market solutions" to maximise the interests of the country, the companies and their shareholders and stakeholders, Industry Minister Adolfo Urso and cabinet undersecretary Alessio Butti said in a statement on Tuesday.A government source said Prime Minister Giorgia Meloni had put CDP's bid on hold.

Butti has called instead on Treasury-owned CDP to take over cash-bleeding TIM in full to then sell its service operations, including its Brazil-listed unit.

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