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Egypt's Sawiris Offers To Buy Telecom Italia SpA's Stake-Reuters

Monday, 12 Nov 2012 09:02am EST 

Reuters reported that Naguib Sawiris has offered to buy a stake in Telecom Italia SpA, the heavily indebted Italian group said a document from Sawiris was read out at a board meeting. In a statement, it added that management was still reviewing the offer to put in fresh cash in return for an issue of new shares. Telecom Italia did not say how much Sawiris might invest and the Egyptian described as "excessive" reports he might offer up to EUR5 billion ($6.4 billion) - at current prices that would buy more than a third of the firm and so force a outright bid. 

Company Quote

-0.0055 -0.63%
23 Jul 2014