Clessidra to present offer for Telecom Italia Media on Thursday-source

MILAN Thu Feb 28, 2013 12:50pm EST

MILAN Feb 28 (Reuters) - Italian private equity fund Clessidra to present a new offer for Telecom Italia Media on Thursday even as it continues preliminary talks with entrepreneur Diego Della Valle for a joint bid, a source close to the matter said.

Clessidra had been one of the front-runners in a race to win control of the whole of TI Media, the media division of Italian telecoms incumbent Telecom Italia.

The group however started exclusive talks with rival bidder media company Cairo Communication.

Telecom Italia Media on Wednesday postponed the approval of the sale of its flagship La7 network to Cairo to March 4, saying some details still needed to be worked out.

Clessidra has also been exploring the possibility of a joint bid for the group with Della Valle, the chairman and CEO of luxury maker Tod's.

Della Valle emerged as a surprise bidder for La7 on Feb. 16 after a deadline for offers had expired. (Reporting by Massimo Gaia, writing by Antonella Ciancio)

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