Telecom Italia (TIM) shares rose as much as 5% on Monday after Italian state investor CDP and Australian fund Macquarie submitted a joint bid for the former phone monopoly's grid, rivalling an approach by U.S. firm KKR .
Regulation issues remain a hurdle for the new bidders, as CDP and Macquarie own TIM'smaller rival Open Fiber. CDP owns also a 10% stake in TIM.
In its approach for TIM's grid, KKR, which already owns a minority stake in the former phone monopoly's network, left the door open to involving a state-run entity, but it opposes CDP playing such a role due to antitrust issues., whose support is key for any deal to go through. Assessing KKR's approach, which rises to 20 billion euros when including an earnout mechanism, TIM said last month the fund proposal "does not fully reflect" the value of its asset and addedReporting by Elvira Pollina; Additional reporting by Giancarlo Navach; Editing by Valentina Za and Keith Weir
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