Telecom Italia’s board branded a pair of offers received for fixed network spin-off Netco as not yet adequate, as it set a deadline of 9 June for improved bids for the asset.

In a brief statement following a meeting of the operator’s directors, it noted the pair of non-binding offers for Netco made by investment companies had been analysed in depth but did not hit the mark.

“In light of the readiness expressed by at least one of the bidders to improve its non-binding offer, the board decided to explore this readiness with the perspective of obtaining a final offer by 9 June.”

The two suitors currently in the frame for the assets are private equity company KKR and a consortium made-up of Italian state lender CDP Equity, Macquarie Infrastructure and Real Assets (Europe).

Assets are being sold following a split of the company announced in 2022, but had been long-speculated.

Although not disclosed in Telecom Italia’s statements, Reuters reported the bid from KKR was worth around €21 billion, with the other around €19 billion.