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Sponsored by the previous government, that project had run aground under Prime Minister Mario Draghi. Gubitosi has started looking at ways to squeeze money out of TIM's assets, revisiting in particular a plan to merge TIM's fixed-line grid - its most prized asset - with that of fibre optic rival Open Fiber. The government wants any plans for TIM's grid to be in line with the goal of rapidly completing broadband rollout across Italy, supported by adequate investments, and protecting jobs, the Treasury said in its statement. KKR's plan would see TIM carve out its fixed network to be run as a government-regulated asset along the model used by energy grid company Terna or gas grid firm Snam, two sources close to the matter said earlier on Sunday. Gubitosi brought KKR onboard last year in a 1.8 billion euro deal that handed the New York-based fund a 37.5% stake in FiberCop, the unit holding TIM's last-mile network connecting street cabinets to people's homes. Rome has special anti-takeover powers to shield companies deemed of strategic importance from foreign bids.Ī new owner would also have to assume TIM's 29 billion euro gross debt. The government will closely follow developments with a focus on plans for TIM's fixed-line assets, which would be key in determining whether it uses its veto powers. Italy's Treasury said foreign interest in Italian companies was "positive news for the country" and the market would assess how valid KKR's plan is were it to materialise. It noted that KKR had termed its action as "friendly" and aimed at winning the backing of the company and of the government. The TIM board, chaired by former Bank of Italy official Salvatore Rossi, met for several hours on Sunday afternoon but in a short statement it gave no indication of whether it would support the approach. KKR would also offer the same price for TIM's savings shares. TIM said KKR had set an indicative price of 0.505 euros for its possible buyout offer - a 45.7% premium to the ordinary shares' closing price on Friday. KKR's move comes as TIM's CEO Luigi Gubitosi battles for survival after coming under fire from top investor Vivendi following two profit warnings in three months. fund KKR aimed at taking Italy's biggest phone group private, the company said on Sunday. MILAN (Reuters) - Telecom Italia (TIM) has received a 10.8 billion euro ($12 billion) approach from U.S.