MILAN, Nov 22 (Reuters) - Telecom Italia (TLIT.MI) saw record trading volumes on Monday, with more than 8% of its ordinary capital changing hands after a $12 billion takeover approach from U.S. fund KKR (KKR.N). By 1420 GMT, almost 1.3 billion ordinary shares which carry voting rights in the Italian phone group had been traded -- more than 10-times the 90-day average, according to Refinitiv data. That is the highest number since records on trading volumes began in 1993. The shares were last up 29%, also set for their biggest one-day gain on record. Reporting by Danilo Masoni; editing by Sujata Rao