August 30, 2011 / 1:50 PM / 8 years ago

Italy frequency sale gets initial offers of 2.3 bln euros

ROME, Aug 30 (Reuters) - Initial offers presented in Italy’s sale of fourth generation mobile phone frequencies amount to 2.3 billion euros, the industry ministry said on Tuesday.

Bids were received from Telecom Italia (TLIT.MI), Vodafone (VOD.L), Wind VIP.N and 3 Italia 0013.HK.

The auction will begin on Wednesday, when bids must be increased by a minimum of 3 percent each time, the ministry said in a statement.

The sale of all the lots in the auction could raise up to 3.1 billion euros, above the 2.4 billion originally expected, sources close to the matter said earlier on Tuesday.

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