Sawiris ready to invest up to $2bn in Telecom Italia: report | Sawiris ready to invest up to $2bn in Telecom Italia: report -
telecom-italia

Sawiris ready to invest up to $2bn in Telecom Italia: report

: Monday, April 14 - 2014 @ 00:00

An Italian daily has said Egyptian billionaire Naguib Sawiris is ready to invest $1bn to $2bn in Telecom Italia if its biggest shareholder Telefonica pulled out from the Italian phone group, Reuters has reported. Sawiris, who unsuccessfully attempted to buy a stake in Telecom Italia in 2012, criticised the presence of the Spanish group because of conflicting interests in Brazil and said Telecom Italia needed cash for investments. “In the past I made my calculations and put forward a proposal. I think I would reiterate that: I would be ready to invest $1bn to $2bn,” Sawiris said when asked how much would he spend on Telecom Italia if Telefonica withdrew from it. “I am waiting until Telefonica makes a decision. I will be patient for a few moths more,” Sawiris was quoted as saying by Il Sole 24 Ore.

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Monday, April 14- 2014 @ 0:00 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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