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STOCKS NEWS EUROPE-Telecom Italia rises as chair mulls resigning

Reuters - UK Focus

Shares in Telecom Italia (Milan: TIT.MI - news) rise 2.8 percent to the top of the pan-European FTSEurofirst 300 as reports that the telecoms firm executive chairman Franco Bernabe is considering resigning allay the prospect of an imminent capital increase.

Bernabe, who has been at the helm of the group since 2008, was considering proposing a capital increase worth up to 5 billion euros ($6.77 billion) at a board meeting on Thursday, as part of a plan to cut debt and fund investments, two sources close to the matter said last week.

"The stock is rising because with Bernabe resigning there is less of a chance of a capital increase," a Milan-based trader said.

Telecoms Italia is one of just two gainers on the FTSE MIB (Milan: FTSEMIB.MI - news) index of Italy's 40 largest stocks, which sheds 1.5 percent due to an unfolding government crisis in Rome.

Reuters messaging rm://agnieszka.flak.thomsonreuters.com@reuters.net ($1 = 0.7385 euros)