A somewhat annoyed Telecom Italia hit back at a local report which indicated new CEO Pietro Labriola (pictured) is setting very conservative financial targets for the years ahead.

Reuters reported the story by Italian newspaper Il Messaggero suggested Labriola is erring on the site of caution because of an expected decline in revenue and core profit until 2024. It was also noted some board members were calling for more ambitious goals to be set.

Telecom Italia dismissed the Il Messaggero report, stating quantitative targets have not been discussed and no decision has been taken in this regard. It merely noted its new industrial plan “is in progress” and will be discussed with the company’s board.

The operator also said it will file a complaint over the Il Messaggero report with the prosecutor’s office and Italian securities regulator Consob, describing such “reconstructions” as “unfounded and harmful” to the group.

Labriola is currently working on a plan offering alternative options to a near €11 billion takeover bid by KKR in an apparent attempt to prepare for a rejection of the deal.

More details are expected to be revealed after 2 March, when Labriola is tipped to formally submit his industrial plan for the period from 2022 to 2024. For now, Telecom Italia prefers to keep its cards close to its chest.