3 Italy, Hutchison Whampoa's Italian mobile phone arm, has appointed seven banks for an initial public offering valuing it at least €2.5bn ($3.04bn) in Italy's largest flotation this year. However, the banks and 3 Italy disagree on how the company should be valued.

Dow Jones Newswires reports that the company has selected Banca Intesa, Goldman Sachs, HSBC, JP Morgan Chase, Merrill Lynch, Morgan Stanley and Sanpaolo IMI as joint global co-ordinators.