April 9, 2013 / 8:03 AM / 4 years ago

Telecom Italia shares boosted by report of Hutchison stake buy

MILAN, April 9 (Reuters) - Shares in Telecom Italia rose more than 5 percent in morning trade on Tuesday after a press report said Hutchison Whampoa is willing to take a stake of 29.9 percent in the former Italian telecoms monopoly.

Italian newspaper Il Messaggero said the Hong-Kong based group proposed to pay for the stake with a mix of shares in its Italian mobile operator 3 Italia and cash.

The cash portion would value Telecom Italia at 1.2 euros per share, twice the current market price but equivalent to the value that controlling shareholders have booked in their accounts.

Telecom Italia had no immediate comment

By 0753 GMT, Telecom Italia shares were up 3.2 percent at 0.593 euros. The stock had failed to open regularly because of excessive gains. (Reporting By Danilo Masoni, editing by Antonella Ciancio)

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