Telecom Italia’s ownership once again came under the spotlight, after Bloomberg reported CVC Capital Partners entered into early stage discussions about buying Vivendi’s 24 per cent stake in the Italian operator.

Citing sources with knowledge of the matter, Bloomberg reported CVC is exploring a possible deal for the stake, which is valued at around €1 billion.

While discussions are at an early stage with no certainty of being struck, should an agreement be reached, it would make CVC Telecom Italia’s largest shareholder.

Italian media reported that other financial groups including Bain Capital and Apax Partners could also be interested in Vivendi’s stake.

Sources added the financial company could seek a full takeover of Telecom Italia and attempt to break up the business.

The relationship between Telecom Italia and Vivendi has been rocky to say the least. The two companies have been embroiled in rows about leadership and strategy in the past. Late last year, Vivendi even launched a legal challenge against Telecom Italia over its plans to sell its fixed network assets.

At the same time, Bloomberg reported the French company was reviewing options for its 24 per cent stake in Telecom Italia with a potential sale on the cards, as part of a broader reorganisation of its own business.