Tel. Italia investors to meet on financing-sources

MILAN, Dec 4 (Reuters) - The board of Telecom Italia SpA's (TLIT.MI) controlling shareholder Telco will meet on Friday to get its investors to commit to raising 300 million euros ($379 million) if the telecom company's stock falls sharply, financial sources said on Thursday.

Telco has had to pledge the whole of its 24.5 percent stake in the Italian telecoms operator as a guarantee for loans because of stock price falls. A source close to the matter has previously said Telco investors might have to raise 500 million euros to meet lenders' requirements.

"They will not be putting their hands in their wallets but they will commit to raise financing estimated at around 300 million euros if the stock were to stay below the threshold of 0.70-0.80 euro for a certain number of sessions," one of the sources on Thursday said.

Telecom Italia shares have been hovering around one euro, and were up 3 percent to 1.06 euros in afternoon trade on Thursday.

The Benetton family (BNG.MI), one of the investors in Telco, is not likely to commit any funds to the financing, a second source said, adding that the move would not dilute its stake in Telco because the financing was not a capital increase.

Telco's other investors include Spain's Telefonica, Italian banks Intesa Sanpaolo (ISP.MI) and Mediobanca (MDBI.MI) and insurer Assicurazioni Generali (GASI.MI).

Debt-laden Telecom Italia, Europe's fifth-biggest telecoms provider, on Wednesday said it would shed assets worth nearly $4 billion and cut another 5 percent of its workforce as part of a three-year plan to slash debt and costs. ($1=.7925 euros) (Reporting by Luca Trogni and Gianluca Semeraro; Editing by Greg Mahlich)