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Report: Telecom Italia offers to buy BT's Italian unit

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Report: Telecom Italia offers to buy BT's Italian unit

Telecom Italia SpA has submitted a nonbinding offer to take over British Telecom unit BT Italia SpA, Bloomberg News reported, citing sources familiar with the matter.

Besides the Italian telco, CK Hutchison Holdings Ltd.'s Wind Tre SpA and fiber operator Retelit SpA are also reportedly interested in buying the business.

BT is looking to off-load its Italian unit in a bid to recover from a 2017 accounting scandal. The company also plans to reduce the customer base of its BT Global Services Ltd. unit, slash about 13,000 jobs and close its London headquarters.

The report came as Telecom Italia is caught in a showdown between its largest shareholders, French media giant Vivendi SA and activist hedge fund Elliott Advisors (UK) Ltd., over its corporate governance.