Telecom Italia confirmed that Egyptian businessman Naguib Sawiris has offered to buy a stake in the company, through subscription to an issue of new shares. Telecom Italia said a document from Sawiris had been read out at a board meeting on 8 November and any evaluation of the offer would be made only once the operator's management verified the offer.
Chairman Franco Bernabe told a media briefing in Turin that Sawiris's interest showed there is "important value in the company", Reuters reports. Telecom Italia did not say how much Sawiris was prepared to invest, but earlier reports suggested he could invest up to EUR 5 billion. At current market values, that would buy a stake in Telecom Italia of about 30 percent - the level beyond which a buyer would be obliged under Italian law to bid for the rest of the shares.
Sawiris previously controlled Italian operator Wind, which was sold along with most of his other telecom holdings to Russia-based Vimpelcom.
