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ROME (Reuters) -Italian state lender Cassa Depositi e Prestiti (CDP) still needs to secure government backing for a counter-offer to U.S. private equity firm KKR's approach to buy Telecom Italia's (TIM) network, sources told Reuters. CDP is working to finalise its offer before Feb. 24, when TIM's board will convene to decide on KKR's non-binding proposal to buy a controlling stake in the phone group's landline infrastructure, two sources close to the matter said.
Nexi and Telecom Italia's Olivetti have teamed up to provide advanced electronic payment solutions to businesses, the companies said on Tuesday. Under the accord, Nexi's payment systems will be built into Olivetti's cash registers, they said in a joint statement, with the companies also planning to develop and sell integrated tax and payment solutions for retailers. Nexi, Europe's biggest payments group by volumes, will be able to offer its services through Olivetti's commercial network, which comprises more than 300 dealers and distributors, they said.
ROME (Reuters) -Telecom Italia (TIM) needs to sell assets to cut its debt, its boss said on Wednesday, after a sale of its landline grid to state lender Cassa Depositi e Prestiti (CDP) was put on hold by the new government. The mooted multi-billion grid deal, part of a wider project to create a unified Italian network company combined with CDP's broadband unit Open Fiber, was a focal point of CEO Pietro Labriola's strategy to break up TIM into several units and shrink its 25-billion-euro ($26.4 billion) debt pile. "We cannot solve Telecom Italia's debt issue organically, we need to sell assets," Labriola said during an industry conference in Rome.