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

April 14, 2014 12:00 am

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.