February 14, 2019 / 8:24 PM / 7 months ago

Italy's state holding says approved increase of TIM's stake

FILE PHOTO: Telecom Italia logo is seen at the company's headquarters in the Rozzano neighbourhood of Milan, Italy, May 25, 2016. REUTERS/Stefano Rellandini//File Photo

MILAN (Reuters) - Italy’s state holding CDP said on Thursday its board had approved the purchase of additional shares in Telecom Italia (TIM), in which it already owns around 5 percent.

The statement did not provide details on the amount of additional shares whose purchase was approved.

CDP, controlled by the Italian Treasury, also has a 50 percent stake in Open Fiber, a TIM rival which is building a fast fiber network in the country. CDP backs the idea of creating a single broadband network, its chief executive said earlier this month.

Reporting by Silvia Aloisi

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