Blackstone and Providence Equity Partners, two US-based buy-out firms, have joined forces to consider a €12.6bn ($16.4bn) bid for Wind, the Italian telecoms company owned by giant utility Enel. The two have set themselves a mid-April deadline to bid together or walk away.

According to a person familiar with the situation, the bid would "happen or not" in the next two weeks. The person said it was "highly unlikely" the price would go to €13bn, a figure Enel estimates would be achieved through a flotation.