UPDATE APRIL 28th: Apparently Telefonica is - once again - the best positioned to get hold of Telecom Italia....

UPDATE APRIL 17th: at&t just gave up on this potential transaction following the extremely hostile reception it got from the Italian parties - both government and shareholders. Though America Movil is still there, it is difficult to see what they could achieve alone. But fear not, the TI Italian saga is not over as France Telecom emerged as another potential bidder in a joint transaction with a pure blood Italian ally... 

at&t and America Movil announced that they joined forces to make an offer for Telecom Italia. It had already been clear for a while was Pirelli was a seller, but discussions were actually supposed to take place with another potential buyer. The Italian government already voiced major concerns, so this is only the beginning of a very interesting story that could significantly shape the future global telecom landscape.