MILAN May 3 Shares in Telecom Italia
rose as much as 2.4 percent in early trade after a press report
that the Italian phone company is pushing ahead with plans to
spin off and sell part of its fixed line access network.
At 0707 GMT, shares were up 2.4 percent at 0.66 euros.
The telecoms group is mulling spinning off the network and
offloading around 45-60 percent of the unit, Il Messaggero said,
citing a draft copy of the term sheet.
The deal would see 30-40 percent of the capital floated on
the Italian Stock Exchange and 15-20 percent sold to an
investment fund owned by state-controlled financing company
Cassa Depositi e Prestiti, the paper said.
Telecom Italia was not immediately available for a comment.
(Reporting by Jennifer Clark)