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: What Google Fiber may mean for North Carolina, NC state and R&D

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

Google wireless service could disrupt carriers

Jan 27, 2015

Internet users from San Jose to Kansas City have been clamoring for Google to lay down its long-awaited fiber-optic network to compete with Comcast and AT&T in speeding up Web and television access. Now the Silicon Valley ...

Google super-fast US Internet service spreads

Jan 27, 2015

Google's super-fast Internet service—up to 100 times quicker than basic broadband—is heading for four more US metropolitan areas as the technology titan ramps up pressure on cable service giants.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.