April 9, 2013 / 7:33 AM / 5 years ago

Telecom Italia indicated sharply up on Hutchison bid report

MILAN, April 9 (Reuters) - Shares in Telecom Italia were unable to open for excessive gains and indicated up around 7 percent after daily Il Messaggero said Asian player Hutchison Whampoa was willing to take a 29.9 percent stake in the Italian group.

According to Il Messaggero, Hutchison Whampoa would be willing to buy some Telecom Italia shares at 1.2 euros each in cash in addition to swapping its Italian mobile operator 3 Italia for Telecom Italia capital.

This price is twice the current market price of Telecom Italia shares but equivalent to the value that controlling shareholders have booked in their accounts. (Reporting By Valentina Caiazzo and Lisa Jucca; Editing by Danilo Masoni)

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