Telecom Italia rejects Sawiris investment offer

News General Italy 7 DEC 2012
Telecom Italia rejects Sawiris investment offer
Telecom Italia has rejected an investment offer from Egyptian businessman Naguib Sawiris and will take more time to consider the possible sale of a stake in its fixed network. The company said in a statement that its board had decided "not to proceed further" with regards to an expression of interest from Sawiris. At its latest meeting, the Telecom Italia board asked management to further investigate a possible sale of a stake in the fixed network to state fund Cassa Depositi e Prestiti (CDP). Under the proposal, the network would be spun off into a new company, and then CDP would take a stake in the new venture. Telecom Italia also said it plans to continue negotiations with the two bidders for its television unit Telecom Italia Media to get a better price.

Categories:

General

Companies:

Telecom Italia,  Telecom Italia Media

Countries:

Italy

Tags:

Voice services, Network Access, Shareholders & subsidiaries, Wholesale, M&A buyouts & divestments

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