" a source close to TIM said. Competition has hammered debt-laden TIM's profit margins at a time when it needs to invest to upgrade its network - Italy's main telecoms infrastructure and a strategic asset for the country. Labriola's nomination has been promoted by TIM's single largest investor Vivendi Telecom Italia General Manager Pietro Labriola on Tuesday outlined to the company's directors his draft plan to revamp the former phone monopoly TIM would spin off its services and network assets in a way that would see each assume a portion of the company's debt and equity which has said that KKR's offer does not sufficiently value TIM. He is expected to receive the backing also of state investor CDP is yet to respond to KKR's non-binding €10.8 billion proposal which is contingent on support from TIM's board and Italy's government. Labriola's final plan will provide a benchmark for TIM to evaluate the price of €0.505 per share KKR indicated in its Nov 19 proposal. Doubts over whether KKR's tender offer will materialise weighed on TIM shares underperforming a 0.8 per cent all-share index drop. Upcoming presidential elections in Rome add to the uncertainty. Labriola is studying a range of options to KKR's offer the sources said. A veteran TIM executive

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