BUZZ-TIM slips after binding offer for unit Sparkle

Reuters2024-12-19

BUZZ-<a href="https://laohu8.com/S/TIMB">TIM</a> slips after binding offer for unit Sparkle

** Shares in Telecom Italia (TIM) TLIT.MI fall as much as 7.5% after Italy's Treasury and Spanish fund Asterion presented early on Thursday a 700 million euros ($728.07 million) joint binding offer for submarine cable unit Sparkle

** A Milan-based trader points out that this is a sell-on news dynamic, in line with expectations

** The stock rose sharply on speculation of interest in Vivendi VIV.PA possible stake sale to funds, including CVC, but now investors are waiting for more solid news, the trader says

** The trader also adds that tomorrow is a technical deadline day (Quadruple Witching Day) and there are many options on TIM's share

** By 1327 GMT the stock pares some losses and is down 5.8%

** Including Thursday's fall TIM has dropped by 12% YTD

($1 = 0.9614 euros)

(Reporting by Romolo Tosiani, Andrea Mandalà)

((Romolo.Tosiani@tr.com))

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