UPDATE 1-Telecom Italia's CEO says network solid as Elliott cuts stake

Telecom Italia's network can cope with the surge in traffic driven by the coronavirus crisis in the country, CEO Luigi Gubitosi was quoted as saying on Wednesday, as U.S. activist fund Elliott cut its stake in the phone group. The strategic role of TIM's network - as well as its needs for an upgrade - has taken centre stage in the healthcare emergency, which has confined Italians to their homes, forcing millions to embrace smart-working and online-teaching.