December 5, 2012 / 4:40 PM / in 5 years

Telecom Italia to discuss Sawiris proposal at board meeting

MILAN, Dec 5 (Reuters) - Telecom Italia will discuss the proposal put forward by Egyptian businessman Naguib Sawiris to inject fresh cash into the company at its board meeting on Thursday, a Telecom Italia board member said on Wednesday.

“The door is neither open nor shut,” Tarak Ben Ammar said on the sidelines of a conference.

Sawiris has offered to inject cash into the indebted Telecom Italia through a capital hike at around 0.70 euros per share, more than half the book price of Telecom Italia shares held by Telco core shareholders.

Ben Ammar, who is also a board member of influential Italian investment bank Mediobanca, said “no-one is against (a capital increase), not even Telco.”

Telco, which has 22.4 percent of the Italian telephone incumbent, is owned by Spain’s Telefonica and a group of three Italian financial institutions including Mediobanca.

Reporting By Giancarlo Navach; writing by Stephen Jewkes, editing by Francesca Landini

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