Italy's Intesa Sanpaolo is discussing a deal with AT&T and America Movil that would see each buy a third of Olimpia, which controls Telecom Italia, sources close to the situation said on Thursday.
Intesa Sanpaolo would buy its portion in Olimpia, which has an 18% stake in Telecom Italia, with other Italian partners, one of the sources told Reuters.
The sources, who requested anonymity, said discussions were trying to sort out governance issues over Telecom Italia.
"They are discussing governance in Olimpia, powers, how many board members for Telecom Italia," one of the sources said.
"The talks go well, then they don't go so well," this source said.
"We're not near an accord. Today we moved a bit further apart," the other source said.