Sawiris interested in Telecom Italia if Telefonica exits
Egyptian tycoon Naguib Sawiris would be prepared to invest in Telecom Italia on condition that the operator’s largest shareholder, Telefonica, withdraws, reports Bloomberg, citing comments made by Sawiris in an interview. "I am still interested in Telecom Italia but only on two conditions: that Telefonica exits and that Telecom Italia does not sell Brazil," he said. Last year Sawiris made an unsuccessful offer to acquire a stake in the Italian operator for at least EUR 2 billion, but in the interview he declined to discuss how much he is willing to invest. However, he did add that “from a financial point of view, Telecom Italia still needs a massive EUR 3 to 4 billion capital increase."