Hutchison Whampoa has agreed to lower the valuation of its Italian 3G listing hopeful, 3 Italia, to Euro8 billion ($74.4 billion) in a move that could pave the way for a Euro1.05 billion share offering, sources said. While the Italian securities regulator, Commissione Nazionale per la Societa e la Borsa (Consob), had still not approved 3 Italia's listing as of last night, despite the country's stock exchange giving it the go-ahead last Friday, sources said the approval from the regulator would come through in the next few days. Hutchison has until February 14 to gain Consob approval. If it fails, it will mean 3 Italia will have to submit more proof of its financial track record to the authorities, further delaying a listing. Yesterday, bankers close to the deal said Hutchison had accepted a lower enterprise value - or the value of market capitalisation plus debt - for 3 Italia at Euro8 billion. The compromise solution with bankers is much lower than the conglomerate's initial target for Euro12 billion to Euro15 billion when it first attempted to list last year. Bankers said Hutchison accepted the deal as it wanted 3 Italia shares to have a better post-debut trading performance. Apart from Italy, group managing director Canning Fok Kin-ning said Hutchison would also spin off its 3 unit in Britain, with the 3 Italia listing acting as a benchmark. The joint global co-ordinators of the deal include Goldman Sachs, HSBC, JP Morgan, Merrill Lynch, Morgan Stanley, and Italian banks Banca IMI and Banca Caboto.