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Telecom Italia says Sawiris wants to buy stake
November 12, 2012 / 9:50 AM / in 5 years

Telecom Italia says Sawiris wants to buy stake

MILAN, Nov 12 (Reuters) - Italy’s biggest telecoms group Telecom Italia said on Monday Egyptian businessman Naguib Sawiris was interested in buying a stake in the company by acquiring newly issued shares.

“The initiative is described as being aimed at bringing new resources to the company to be dedicated to growth projects,” it said in a statement after press reports said that Sawiris could invest up to 5 billion euros ($6.4 billion) in the heavily indebted company.

Telecom said a document from Sawiris had been read at a board meeting on Nov. 8. It said any evaluation would be made only after the company’s management had verified the offer. ($1 = 0.7868 euros) (Reporting By Danilo Masoni and Silvia Aloisi)

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