UPDATE 1-Telecom Italia investor says considering its 5% stake
* Investor criticises lack of alliances
* Telecom Italia shares up 1.24 percent
* CEO says company has clear strategy
(Adds comment by Telecom Italia CEO; background)
CERNOBBIO, Italy, Sept 4 (Reuters) - Telecom Italia SpA's (TLIT.MI) second-biggest shareholder criticised the company's strategy on Friday and said he was considering whether to keep his 5 percent stake.
Marco Fossati, who owns the stake through his family's Findim Group and has been a critic of company plans, said any decision on the investment depended on Telecom Italia's strategy.
"It is an investment like any other that up to now has not given us great satisfaction. We will make our evaluation soon," he said on the sidelines of a business conference. "In this period of crisis we could have better opportunities."
Telecom Italia's business plan, laid out in December, is focused on divestment and does not lay out clear strategic paths, such as alliances and expansion in growth countries, he said.
In addition, the company ought to ask itself if Spanish group Telefonica SA's (TEF.MC) role as industrial partner is adding any value and whether it is necessary to pursue another course, he said.
The Spanish company owns 42.3 percent of the Telco consortium, which is Telecom Italia's largest shareholder with 23.6 percent.
Speaking at the same event Chief Executive Franco Bernabe rejected Fossati's comments, saying Telecom Italia has always had a precise strategy that has been reflected in its share price.
Fossati later said he was not interested in joining Telco. Fossati, among the few outspoken critics among investors in big Italian companies, criticised Telecom Italia's plans last year and called for a Telefonica takeover.
In another rare sign of shareholder criticism this week, U.S. fund Knight Vinke called for changes in the business structure at Italian oil group Eni SpA (ENI.MI). [nL2729227]
Telecom Italia's shares were up 1.41 percent at 1.148 euros at 1533 GMT, in line with the DJ Stoxx European telecoms sector index .SXKP.
(Reporting by Gianluca Semeraro and Giancarlo Navach; Writing by Nigel Tutt; Editing by Greg Mahlich)
((Milan newsroom, +39 02 6612 9507, fax +39 02 801149, milan.newsroom@news.reuters.com)) Keywords: TELECOMITALIA/
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