US fund eyes Telecom Italia

Italian operator Telecom Italia (TIM) called an extraordinary board meeting Sunday after receiving an expression of interest from US investment fund KKR for the entire firm, a source close to the matter said.

KKR already has a stake in FiberCop, a joint venture with TIM and Italian internet provider Fastweb to provide fibre optic broadband across Italy.

It comes amid growing pressure on TIM’s top management from shareholders — the largest of which is France’s Vivendi — following disappointing recent results, according to the Corriere della Sera newspaper, which first broke the KKR story.