MILAN, Jan 27 (Reuters) - Shares in Telecom Italia (TIM) fell as much as 2.8% on Thursday after the phone group said it would study a split of its network assets in a move that could further delay an answer to a takeover approach by U.S. fund KKR.

New Chief Executive Pietro Labriola on Thursday received unanimous board backing for a draft plan https://www.reuters.com/article/telecom-italia-ma-kkr-ceo/update-1-telecom-italia-open-to-network-spinoff-as-ceo-weighs-options-idINL1N2U622U that would see TIM focus on a wide range of telecoms services while carving out its fixed-line network to ensure the necessary investments and modernisation to meet Italy's digital goals.

The plan, which will be formally put to the board on March 2, provides a benchmark to weigh against KKR's proposal, which values TIM's equity at 10.8 billion euros ($12.09 billion), or 0.505 euros per share.

The New York-based fund's bid is non-binding and conditional on backing from TIM and the Rome government.

TIM shares were down 1% at 0.4055 euros at 0940 GMT, against a flat Italian blue-chip stock index.

"It is likely that no decision (not even letting start due diligence) will be taken before March 2," Banca Akros analysts wrote, adding that this increased the chances that KKR could drop its bid or decide to go hostile.

"The current context ... sees TIM's board struggling to find alternatives to KKR's cash offer."

TIM's single biggest investor, French media group Vivendi , has said KKR's offer is too low and it has sponsored the appointment of Labriola, which received unanimous board backing.

The network spin-off would comprise TIM's wholesale-only business. Sources had said it would include submarine cable unit Sparkle and a significant portion of the company's debt and staff.

Such a move would pave the way for the merger of TIM's fixed network with that of state-owned rival Open Fiber, as advocated by TIM's state investor CDP, which also owns 60% of Open Fiber. ($1 = 0.8930 euros) (Reporting by Elvira Pollina Editing by Valentina Za and David Goodman )