Telecom Italia to Reject CVC Bid for Business Unit

Telecom Italia SpA is poised to reject a non-binding bid by CVC Capital Partners for a minority stake of its new enterprise services unit as it doesn’t meet the phone carrier’s expectations, according to people familiar with the matter.

The CVC bid still needs to be formally reviewed by Telecom Italia board of directors, the people said asking not to be mentioned since those discussions aren’t public.