The future of Telecom Italia came into the spotlight again, as Reuters reported that “core Italian shareholders” in the business are seeking a buyer for their stakes.

Apparently, Mediobanca, which is a shareholder in the Telco venture which owns 22.4 per cent of debt-laden Telecom Italia alongside Assicurazioni Generali, Intesa Sanpaolo and Telefonica, is looking for a buyer ahead of a 28 September deadline.

Bloomberg said that under the Telco shareholders deal, which was agreed in February 2012, the partners have exit options in September 2013 and August 2014.

It was also noted that Telefonica wanted to keep the status quo, but would “react immediately” should the situation change.

Meanwhile, Findim Group, which owns around 5 per cent of Telecom Italia, said that it would support a share sale to raise funding for the operator – on the condition that it is accompanied by “a strategic business plan that will create real value for the phone company”.

Bloomberg said that Marco Fossati of Findim had also argued that “it’s time for Telefonica to declare where it stands, the time for waiting and be passive is finished”.

According to Reuters, analysts had said that Telecom Italia’s low valuation, attractive business in Brazil, and shareholders willing to talk deals, meant that the company may become an attractive take-over target.

Names in the frame included Vodafone Group, Telefonica, Softbank and AT&T (possibly in partnership with America Movil).

Earlier this year, Telecom Italia held talks with Hong Kong-based conglomerate Hutchison Whampoa about a combination with its 3 Italy operation, although these did not come to fruition. It is not clear it this now means that Hutchison is out of the race.