Airtouch unit received two formal bids for its Italian Internet unit
, including one bid worth about $10 billion, according to
The Wall Street Journal
Still, the company is considering going ahead with plans to take the unit public if the bids aren't improved, the story cited people familiar with the talks as saying.
The company needs cash, in part, to pay for its acquisition of
The leading bid, a combination of cash and high-rated bonds, came from
, which is a venture of Italian state-controlled electric utility
. The second offer, including a large proportion of lower-rated securities, was from
, an Italian telecommunications company whose shareholders include
, state-controlled oil group
and Italian television broadcaster
also reported that Vodafone is talking to two nonItalian telecom companies that could possibly make a bid for Infostrada.
Vodafone was planning a public offering for 49.9% of Infostrada, which the
story says is still in the works unless the unit is sold.