The cancellation of the Telecom Italia board meeting buys the firm more time to plan out ways to revitalize its flagging business.
Telefonica is reviewing proposals to assist Telefonica Italia shareholders unload their shares, among other options as the company moves forward.
Italy' economy minister assures the market that Italy has no policy to oppose foreign bids for domestic enterprises.
In an interview, Gabriele Galateri, Telecom Italia's director, sees the need for the consolidation of the European telecommunications industry.
According to tycoon Naguib Sawiris, he is interested in purchasing a stake in Telecom Italia but may opt not to in light of the Italian press' preference for Telefonica.
Generali Chairman Gabriele Galateri told Reuters in an interview that the company would be selling its stake in Telecom Italia depending on the decision made during the Italian phone company's shareholders meeting.
There are many options available to Telecom Italia, but there are specifics being searched for, according to its Chairman Franco Bernabe.
An Italian newspaper reported that the Italian government preferred the merger of Telecom Italia with Spain's Telefonica than have Naguid Sawiris acquire a stake in the firm.
After the Verizon-Vodafone USD130 billion deal, AT&T and Billionaire Tycoon Naguib Sawiris was reported to see Telecom Italia to be its next target.
A source told Reuters that Naguib Sawiris, America Movil and AT&T made preliminary contact with the core investors in Telecom Italia who wanted to exit the company.
Findim Group said it would be willing to support the sale of Telecom Italia's shares for as long as a plan to return value to its shareholders was put in place.
Telecom Italia announced the appointment of Mario Di Loreto who previously worked at Barilla Holding SpA's.
In a released statement, the European Commission questioned Italian telecom watchdog AGCOM about the changes it wanted to implement to the prices of broadband.
Vodafone sued Telecom Italia and claimed that the company abused its dominant position in the market.
Telecom Italia's chairman Franco Bernabe said that price was unsustainable and an alliance was likely to happen.
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