State lender greenlights offer for Telecom Italia to counter KKR

Milan: The board of Italian state lender CDP said Sunday it backed making a joint non-binding offer with Macquarie Asset Management for the fixed network of Telecom Italia (TIM).

The offer will go up against a rival bid from US investment fund KKR, which last month made a 20-billion-euro ($21.2-billion) offer for a controlling stake.