MILAN: Telecom Italia (TIM) is considering a balance sheet clean-up as its 2021 results will be worse then expected, La Repubblica said on Wednesday.

The Italian daily said TIM is set to book new one-off provisions and asset impairments as part of 2021 results and will also scrap dividends on ordinary shares. The results are due to be published next week.

La Repubblica added the phone company was in advanced talks with investment firm Ardian to sell its stake in mobile tower group INWIT.

Telecom Italia declined to comment on La Repubblica report.

Ardian in Italy also declined to comment.

New TIM boss Pietro Labriola is working on a standalone plan to be presented to investors next week as an alternative to a 10.8 billion euro approach from US group KKR.