Pirelli was in exclusive talks yesterday with AT&T, the American telecoms giant, and America Movil to sell two thirds of its controlling share-holding in Telecom Italia.

A deal would end months of negotiations with multiple parties to sell the stake.

It will also provide Marco Tronchetti Provera, Pirelli’s chairman and former Telecom Italia chairman, with a much sought-after exit from his holding after quitting the embattled telecom group last year.

A&T and America Movil, of Mexico, are involved in talks to buy a third each of Olimpia, a holding company that controls 18 per cent of Telecom Italia and which is 80 per cent owned by Pirelli, the Italian tyre and property group. The deal could value Pirelli’s stake at about €9.5 billion (£6.5 billion).

The deal would value each Telecom Italia share at €2.82 minus the undisclosed net debt of Olimpia. That is expected to be way below the €4 that Mr Tronchetti Provera originally paid for his holding in 2001 but could be a third above the company’s €2.14 closing price on Friday. The offer is subject to due diligence and is valid until April 30, Pirelli said.

For AT&T, the move is a bold step to snap up a direct stake in a European telecoms operator. The US telecoms group, which employs 300,000 and has annual revenues of $117 billion (£59 billion, has its own internet protocol (IP) network across Europe but has no partnerships with European carriers.

A spokesman for AT&T said: “Our global customers want to be able to get telecoms services around the world across borders.

“AT&T believes that this deal will allow us to develop a close working relationship with Telecom Italia that will enhance Telecom Italia’s ability to serve its market and its customers.”

The news comes after heavily indebted Telecom Italia said earlier this month that it was “discussing areas of possible cooperation” with Telefónica, the Spanish telecoms group, although it is understood that those talks fell through. It also held negotiations with Deutsche Telekom and France Télécom, although those talks also stumbled.

Most recently, the company has been having discussions with two groups of Italian banks to try to reach a deal, but those talks have also foundered, sources said.

The deal will end an era of control by Mr Tronchetti Provera who was forced out of Telecom Italia in September after a dispute with the Italian Government over possible asset sales, including the possible sale of Telecom Italia Mobile. He has since made clear that he is willing to sell his stake for the right price.

In November, Pirelli wrote down the value of its Olimpia stake by €2.1 billion, valuing Telecom Italia shares at €3 each, still well above the current Telecom Italia market price.

Pirelli owns 80 per cent of Olimpia, with the Benetton family owning the other 20 per cent. Under the deal, the two groups will share control of the holding company with AT&T, the largest telecoms group in the US, and America Movil, which is controlled by the billionaire Carlos Slim.

AT&T owns an 8 per cent stake in America Movil and the US group said its Telecom Italia deal was contingent on the Mexican operator also gaining clearance for its stake purchase.

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