Telefonica says still no firm proposal on Telecom Italia merger

MADRID Wed May 8, 2013 11:35am EDT

MADRID May 8 (Reuters) - Telefonica, the main shareholder in Telecom Italia said on Wednesday stakeholders in holding company Telco had yet to receive any concrete proposal about a tie-up between Hong Kong-based Hutchison Whampoa and Telecom Italia.

"I should say that no specific proposal has been to made to Telco and if and when such a proposal were to be made Telco would have to analyse its merits and its risks," Chief Financial Officer Angel Vila said on an analyst call.

He said Telefonica would be supportive of any action that would improve the value of Telecom Italia. (Reporting by Clare Kane; Editing by Sonya Dowsett)

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