MILAN (Thomson Financial) - Mediobanca SpA and Intesa Sanpaolo SpA are close to reaching an agreement about the composition of a consortium of Italian investors ready to buy a stake in Olimpia, the Pirelli & C SpA unit that controls Telecom Italia SpA via an 18 pct holding, daily Il Sole 24 Ore reported.
An agreement on the composition of the consortium may be reached by April 25, the newspaper said, citing 'authoritative' sources.
Assicurazioni Generali SpA could be involved in the plan, while it appears likely that Mediaset SpA would be part of the consortium, the paper said.
The consortium would first buy a 33 pct stake in Olimpia and then, after taking control of Telecom Italia and forming a new management, it would seek a foreign partner for the telecoms firm, it said.
Currently, Telefonica SA is seen as the most likely partner, it said.
The Spanish group has reportedly made an offer for a stake in Olimpia which values the underlying Telecom Italia shares at 3 eur each.
Earlier this month, AT&T pulled out of exclusive talks to buy 33 pct of Olimpia because of 'regulatory uncertainties' and after Italian politicians voiced concerns Telecom Italia could fall under non-Italian hands. danilo.masoni@thomson.com dm/gp COPYRIGHT Copyright AFX News Limited 2007. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.