Sawiris makes bid for stake in Telecom Italia - report

News General Italy 12 NOV 2012
Sawiris makes bid for stake in Telecom Italia - report
Egyptian billionaire Naguib Sawiris, founder of Orascom Telecom, offered to purchase a stake in Telecom Italia, a person with direct knowledge of the bid told Bloomberg. The offer is for a minority stake in the Italian operator. A spokesperson for Sawiris declined to comment. According to Italian paper Corriere della Sera, Telecom Italia's management board discussed the bid from Sawiris at a meeting on 08 November. The offer is worth as much as EUR 5 billion, though the amount Sawiris plans to invest wasn't discussed by management, according to the paper. Buying a stake in Telecom Italia would mark Sawiris's return to the Italian market, a year after he sold Wind to Vimpelcom.

Categories:

General

Companies:

Wind,  Telecom Italia,  Orascom Telecom

Countries:

Italy

Tags:

Wholesale, M&A buyouts & divestments

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