UPDATE 1-Telecom Italia picks Goldman Sachs, Evercore to review Poste bid, sources say
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Updates with background
MILAN, April 13 (Reuters) - Telecom Italia (TIM) TLIT.MI has named Goldman Sachs and Evercore as advisers for the review of state-backed conglomerate Poste Italiane's PST.MI cash-and-share offer to take the phone group private, two sources familiar with the matter said.
Telecom Italia declined to comment. Goldman Sachs GS.N and Evercore EVR.N were not immediately available for comment.
State-backed conglomerate Poste last month unveiled a 10.8 billion euro bid to take TIM private and create a national digital champion, strengthening state control of assets that handle critical household and corporate data.
The deal would give Poste control of TIM's data-centre network and its cybersecurity unit Telsy, expanding Poste's role in digital services for consumers, large companies, and government bodies.
TIM's board met on Monday to appoint advisers to assess whether Poste's bid adequately reflects the company's value, the people said.
Poste, which offers logistics, financial, payments, broadband and insurance services, has forecast 700 million euros in yearly benefits in earnings from the combination.
It is TIM's leading investor with 27% of its ordinary share capital. That holding is set to fall close to 20% after TIM converts some special shares it has outstanding into ordinary stock in May.
The financial conglomerate amassed the stake last year, buying tmost of its holding from France's Vivendi VIV.PA.
