Italy's CDP says will build stake of up to 5 percent in Telecom Italia

MILAN (Reuters) - Cassa Depositi e Prestiti (CDP) said on Thursday its board had approved an investment in Telecom Italia which would gradually lead the Italian state agency to own up to 5 percent of the country's biggest phone group.

CDP said in a statement the investment had a long term perspective and fell under CDP's mission to support infrastructures deemed strategic for the country and to promote development in a key sector.

(Reporting by Valentina Za)