Telecom Italia has confirmed that the operator received a number of unsolicited offers to invest in the group. CEO Franco Bernabe told the board of directors of the approaches at a meeting to discuss progress on the company's strategy. According to a statement after the meeting from the Italian company, "no concrete proposal has been made" on investing in the group. Telecom Italia said it will release its new industrial plan for 2009-2011 to the market after another board meeting on 2 December. The Libyan Investment Authority, a government investment fund, is reportedly interested in buying a minority stake in Telecom Italia. Sources familiar with the matter told the Financial Times that the Libyan fund could pay EUR 2-3 billion for an up to 10 percent stake. Italian prime minister Silvio Berlusconi recently said he would not want to see the operator fall into foreign hands, but a silent investor could be welcome to help the company reduce its debt.