What's that coming over the hill - is it Telefónica?

Italian newspaper Corriere della Sera is reporting that Telefónica is ready to launch a counter-offer to buy a 66% stake in holding company Olimpia, which controls Telecom Italia, from Pirelli. The story, which does not cite sources, suggests that the Spanish giant is in contact with Intesa Sanpaolo and Mediobanca to form a consortium to buy the Olimpia stake that could value Telecom Italia at as much as EUR3 (USD4) per share excluding dividends. AT&T and Mexican affiliate América Móvil are currently in exclusive talks until the end of April to buy from Pirelli the 66% stake (33% for AT&T and 33% for América Móvil) in Olimpia. Negotiations are based on a price per Telecom Italia share of EUR2.82, less the net debt of Olimpia.