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Metroweb state owner rejects Telecom Italia proposal - sources

Reuters - UK Focus

MILAN/ROME, April 23 (Reuters) - The state owner of Italy's Metroweb has rejected a proposal by Telecom Italia (Other OTC: TIAJF - news) to take a stake in the broadband company and progressively reach 100 percent, according to an email seen by Reuters and two people close to the matter.

The latest twist in long-running talks between Telecom Italia and state lender Cassa Depositi e Presititi (CDP) over Metroweb's future ownership could favour Vodafone, which has also set its sight on the firm.

CDP indirectly owns a stake in Metroweb through its investment arm Fondo Strategico Italiano (FSI).

"CDP and FSI are not in the condition to go ahead ... at terms outlined in the MOU (memorandum of understanding) draft sent by Telecom Italia," FSI head Maurizio Tamagnini told Telecom Italia CEO Marco Patuano in an April 21 email.

It was not clear whether the rejection puts an end to negotiations between Telecom Italia and CDP. (Reporting by Danilo Masoni and Alberto Sisto, additional reporting by Luca Trogni, editing by Stephen Jewkes)