The Italian company is reportedly looking to reshuffle its shareholder structure in a bid to boost profits and performance in the global market.
The company announced it was open to takeover bids earlier this month, and it still appears to be struggling with debts estimated at $28 billion.
Shareholders in Telco, which holds a controlling 22.4% stake in Telecom Italia, have until September 28 to decide if they wish to end their shareholder pact.
Telefónica is Telco’s largest shareholder and earlier this week Telecom Italia’s shareholders rejected Telefónica’s $1 billion offer to purchase a quantity of the Italian operator’s shares.
