MILAN Jan 20 Italian private equity fund
Clessidra is still bidding for the country's third-largest
commercial broadcaster, Telecom Italia Media, after its
partner Equinox pulled out, a source close to the matter said on
"Equinox has pulled out but Clessidra has not thrown in the
towel. It will see what happens," said the source, who declined
to be named because the matter was confidential.
Italian fund Equinox was not immediately available for
comment, while Clessidra declined to say anything on the issue.
Clessidra is competing with Italian media firm Cairo
Communications to win control of Telecom Italia Media,
a unit of Telecom Italia. Its offer was said to value
the TV company at 330 million to 380 million euros ($438.62
million-$505.08 million) including debt.
Sources said Clessidra was interested in bidding for the
whole of TI Media, while Cairo Communications wanted just the
just the TV business.
Telecom Italia had hoped to sell its 77.7 percent stake in
the loss-making broadcaster by the end of 2012 to help cut debt
of 29.5 billion euros and focus on its telecoms business, but
has been thwarted by low bids.
On Thursday, the Italian incumbent decided to extend talks
with bidders for its unit after it dismissed initial offers as
($1 = 0.7524 euros)
(Reporting by Stephen Jewkes, writing by Francesca Landini;
Editing by Lisa Jucca and Louise Heavens)