Telecom Italia denies M&A plans

Mergers and acquisitions are not on Telecom Italia agenda, CEO Franco Bernabe, quoted by a Reuters report, said.

'We have our priorities "&brkbar; and we are concentrating on them without losing focus,' he told reporters on the margins of a business event.

A source close to the issue told Reuters last week that Telecom Italia was working to secure a new investor, possibly from the Gulf, and possibly splitting off its fixed-line unit.

Corriere della Sera newspaper reported that Telecom Italia was interested in a tie-up with South African mobile phone operator MTN Group.

India's Economic Times said last Thursday that Telecom Italia was close to a deal to invest $2 billion in a telecoms venture of real estate company Unitech. Telecom Italia denied the story.

Bernabe said reports of mergers and acquisitions were baseless.