Last updated: 12 November, 2012

Telecom Italia says Egyptian tycoon seeking stake

Telecom Italia said on Monday that Egyptian billionaire Naguib Sawiris had made an offer to invest in the debt-laden Italian company, which has been hit hard by the eurozone debt crisis.

“In the past days the Company has received communication from Mr. Naguib Sawiris about an interest in investing in Telecom Italia SpA’s sharecapital through underwriting of new stock issuing,” the company said in a statement.

The company’s shares were up more than 7.0 percent on the Milan Stock Exchange following the announcement.