Sawiris still interested in Telecom Italia stake

News General Italy 14 APR 2014
Sawiris still interested in Telecom Italia stake
Investor Naguib Sawiris is still interested in investing in Telecom Italia. He is ready to invest USD 1-2 billion if the Italian operator's biggest shareholder Telefonica pulled out, according to newspaper Il Sole 24 Ore. "In the past I made my calculations and put forward a proposal. I think I would reiterate that: I would be ready to invest 1 to 2 billion dollars," Sawiris said when asked how much would he spend on Telecom Italia if Telefonica withdrew from it. 

Sawiris, who unsuccessfully attempted to buy a stake in Telecom Italia in 2012, criticized the presence of the Spanish group because of conflicting interests in Brazil and said Telecom Italia needed cash for investments. Telefonica, together with three Italian financial institutions, controls 22.4 percent of Telecom Italia through the holding company Telco. 

Sources close to Telefonica have told Reuters that the group would like to break up Telecom Italia's Brazilian unit TIM Brasil and share its assets with other telecom companies. The Brazilian competition watchdog has given Telefonica until mid-2015 to downsize its presence in the south American country, sources close to the matter have said. If Telefonica fails with its plans over Brazil it might have to consider selling its 15 percent stake in Telecom Italia to comply with Brazilian authority's demands. "I am waiting until Telefonica makes a decision. I will be patient for a few moths more," Sawiris said.

Categories:

General

Companies:

Telecom Italia,  TIM Brasil,  Telefonica

Countries:

Italy

Tags:

M&A buyouts & divestments

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