By Manuela Mesco And Shayndi Raice 

Telecom Italia SpA's Chief Executive Marco Patuano on Friday said his company isn't focused on a tie-up with its Brazilian competitor Oi, but would "come to the table" if someone made a good offer for the company's own Brazilian asset.

"My desk is quite full right now," Mr. Patuano said during the presentation of Telecom Italia's 2015-2017 strategy plan, which showcased how the management will focus on bringing the company back to growth by 2017.

In November last year, Telecom Italia said that it would explore a number of options to integrate its Brazilian unit TIM Participacoes with competitor Oi in preparation for the a major shakeup and possible consolidation in the Brazilian telecommunication market.

But Mr. Patuano said the company decided against a deal for Oi when it became evident that it would be too complex and not add enough value. He said it took the company 45 days to do due diligence when it made an offer for Brazilian operator GVT in 2004, but it took almost four months to assess Oi. He said his company realized that "a straightforward deal is not evident" for Oi.

With plans for a tie-up with Brazil's Oi off the table, Mr. Patuano said Telecom Italia's will focus on improving the performance of its overall business.

In Brazil, the firm will invest about EUR4 billion ($4.55 billion) to extend 3G and 4G coverage. In Italy, where it will invest the remaining funds, the company plans to extend its fiber-optic service to reach about 75% of the population by 2017. This is expected to boost the number of its subscribers.

The company has been hit by intense competition and the long-lasting recession in its domestic market, which accounts for nearly two third of its overall revenues.

The telecom operator estimates that such investments, together with higher margins and sales, will lead to a growth in earnings before interest, tax, depreciation and amortization, or Ebitda in 2017. Domestic Ebitda should stabilize in 2016 and increase in 2017.

The operator also said it plans to make efficiency cuts to save around EUR1 billion over the next three years. It added it is likely to pay only the minimum dividend for savings shares on 2014 earnings and no dividend on ordinary ones.

Telecom Italia added it has decided to start a process to list its domestic mobile towers on the stock market.

Earlier on Friday, Telecom Italia said its preliminary 2014 revenue declined 8% to $21.6 billion. It was hit by the weakness of the Italian market, where sales fell 6.6% on the year to EUR15.3 billion.

Preliminary earnings before interest, taxes, depreciation and amortization, or Ebitda, was EUR8.8 billion, down 8% from the year earlier.

It added that it will pay no dividend on ordinary shares for 2014 but it is likely to pay a minimum dividend for savings shares.

Write to Manuela Mesco at manuela.mesco@wsj.com and Shayndi Raice at shayndi.raice@wsj.com

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