(Bloomberg) -- Macquarie Group Ltd is still working on a plan to join Italy’s state lender in its multibillion euro offer for Telecom Italia SpA’s grid, a deal aimed at building a single ultra-broadband network, according to people familiar with the matter. 

Directors at Macquarie met on Wednesday to review a deal drawn up by the lender, Cassa Depositi e Prestiti SpA, that would see Open Fiber SpA merge with the Telecom Italia grid, said the people who asked not to be identified because the decisions aren’t public. 

The decision could come after the installment of Italy’s new government, which should be around the end of October, the people said. Cassa Depositi controls Open Fiber while Macquarie owns a 40% stake. Cassa Depositi also owns almost 10% of Telecom Italia. 

Italy State Lender Sets Telecom Italia Grid Bid After Vote 

A spokesman for Macquarie in Italy declined to comment.

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