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Italy state lender raises stake in Telecom Italia to over 5 percent - source

Italy state lender raises stake in Telecom Italia to over 5 percent - source
FILE PHOTO - Telecom Italia's logo at its headquarter in Milan, Italy, May 25, 2016. REUTERS/Stefano Rellandini Copyright Stefano Rellandini(Reuters)
Copyright Stefano Rellandini(Reuters)
By Reuters
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ROME (Reuters) - Italian state lender Cassa Depositi e Prestiti has raised its stake in Telecom Italia to just above 5 percent, a source close to the matter said on Tuesday.

The source said the purchase of further Telecom Italia (TIM) shares depended on the phone group's new business plan.

On Thursday CDP, which has a stake in TIM of just under 5 percent, said its board had approved the purchase of additional shares but gave no further details.

A source close to the matter said on Thursday it could raise its stake to up to 10 percent in the next 12 months.

(Reporting by Stefano Bernabei, writing by Stephen Jewkes)

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