Telecom Italia down after Sawiris proposed 3 bln euros cap hike
MILAN Nov 27 (Reuters) - Shares in Telecom Italia fall 1 percent in early trading after Egyptian tycoon Naguib Sawiris put on the table a 3-billion-euro ($3.89 billion) capital hike.
Sawiris told Reuters that he proposed that the capital increase be open to all shareholders, not just himself, and that it should be conducted around the current market price of 0.70 euros per share.
That is likely to draw the ire of other Telecom Italia shareholders, including Spain's Telefonica and the three Italian financial institutions who together own 22.4 percent via an unlisted holding company called Telco.
At 0820 shares in the telecom group are down 1.65 percent at 0.6845 while Italian Ftse Mib of major blue-chip gains 0.64 percent. ($1 = 0.7713 euros) (Reporting by Francesca Landini)
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