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Trujillo seeks financing for Telecom Italia bid -Bloomberg

Reuters - UK Focus

LONDON, Sept 25 (Reuters) - U.S. businessman Sol Trujillo is seeking to raise as much as 7.5 billion euros ($9.6 billion) to bid for a stake in Italian telecoms operator Telecom Italia (Other OTC: TIAJF - news) , Bloomberg reported on Thursday, citing people familiar with the matter.

At current market prices, those funds would allow Trujillo, the former chief executive of Australia's largest telephone company Telstra Corp Ltd, to take a 44 percent stake in Telecom Italia.

According to the report, Trujillo has not approached Telecom Italia but has discussed the plan with New York-based financial advisers. Sovereign-wealth funds in Qatar and Abu Dhabi are among investors that have expressed interest, the report said.

Telecom Italia declined to comment on the report. Trujillo did not respond to an emailed request for comment.

Telecom Italia shares extended gains after the publication of the Bloomberg report to trade 3.8 percent higher by 1008 GMT. (Reporting by Francesco Canepa, Anjuli Davies in London and Danilo Masoni in Milan; Editing by Sudip Kar-Gupta)