Telecom Italia confirms tycoon interest in stake

Nov 12, 2012

(AP)—Telecom Italia shares rose 6 percent after the former monopoly confirmed that an Egyptian tycoon has expressed interest in investing in the Italian company.

The company said Monday that management was reviewing the offer by Naguib Sawiris, formerly the chairman and controlling stakeholder of Wind Telecom SpA, to buy Telecom Italia shares, and did not comment on the merits. It said in a statement requested by the watchdog Consob that the investment could help the company grow.

The Corriere della Sera daily reported that the offer is for as much as €5 billion (6.3 billion), or 30 percent of the company. Telecom Italia is considering a of its fixed-line network and is discussing possible investments with the state lender.

Sawiris, an Egyptian tycoon, sold Wind last year.

Explore further: Wi-Fi worries prompt Boeing cockpit display change

not rated yet
add to favorites email to friend print save as pdf

Related Stories

China Telecom profit down 8.3 percent

Aug 22, 2012

(AP) — China Telecom Ltd., one of the country's three major state-owned phone carriers, said Wednesday its first-half profit fell 8.3 percent amid intense competition and high technology costs.

China Telecom launches British mobile venture

Jan 04, 2012

Telecoms giant China Telecom is launching a mobile virtual network in Britain in partnership with Everything Everywhere, targeting Chinese residents and visitors, the British company said Wednesday.

S. Korea's SK Telecom signs deal to buy Hynix

Nov 14, 2011

South Korea's top mobile carrier SK Telecom said Monday it signed a deal to buy a controlling stake in Hynix Semiconductor, the world's number two memory chip maker.

Recommended for you

Five questions, answers on 'net neutrality'

Sep 29, 2014

The U.S. Federal Communications Commission is considering whether Internet providers should be allowed to cut deals with online services like Netflix, Amazon or YouTube to move their content faster.

Europe Union OKs constant chatting on flights

Sep 26, 2014

(AP)—European skies may soon be alive with the sound of small talk with new safety guidance allowing the use of all portable electronics, including cell phones, at any time during flights.

User comments : 0