November 12, 2012 / 8:10 AM / 5 years ago

Telecom Italia shares up after Sawiris bid reports

MILAN, Nov 12 (Reuters) - Shares in Telecom Italia rose more than 2 percent in early trade on Monday after press reports that Egyptian businessman Naguib Sawiris has offered to invest as much as 5 billion euros ($6.4 billion) in the company.

The stock was up 2.5 percent at 0.7080 euros by 0805 GMT.

"The interest of a new investor would support the shares that have markedly underfoperformed the market, and the sector, over the past two months," a Milan trader said.

The Wall Street Journal said in its Monday edition Telecom Italia chief executive Franco Bernabe brought Sawiris' investment offer before the board for consideration last week, quoting sources close to the company.

Telecom Italia was not immediately available for comment.

$1 = 0.7868 euros Reporting By Maria Pia Quaglia

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