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Telecom Italia Asks for Higher Bids for Its Landline Network

  • KKR expressed interest in raising its offer for the business
  • The phone carrier needs to raise cash to cut its debt pile
The company needs to raise cash to cut its more than €30 billion gross debt pile.

The company needs to raise cash to cut its more than €30 billion gross debt pile.

Photographer: Alessia Pierdomenico/Bloomberg
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Telecom Italia SpA asked the two bidders for its landline network to increase their offers after a review rejected the bids as “not yet adequate,” the company said Thursday.

The phone carrier’s board of directors asked the separate bidders, the Italian state lender Cassa Depositi e Prestiti and the US private equity firm KKR & Co., to sweeten their proposals.