Italy’s Economic Development Deputy Minister Antonio Catricala has said the Italian government is okay with Naguib Sawiris investing into Telecom Italia SpA as a main shareholder if he invests.
The minister was speaking in Rome following Sawiris’ said interview on Sunday with Bloomberg that he would invest in the telco. Sawiris in the firmif Telefonica SA (TEF), its biggest shareholder exits and as long as the firm doesn’t sell its Brazilian business Tim Participacoes SA (TIMP3).
Sawiris is not new in the country’s telecom business. In 2005, Sawiris spent 12.2 billion-euro on Wind which he later sold to VimpelCom Ltd. in 2011. Sawiris had earlier offered to buy a$2.7 billion stake in the firm last year which was denied. At the moment, he’s saying the firm needs a capital increase to some 4 billion euros to renew its hold on the market.
Now a private concern, Telecom Italia is country’s largest Italian telecommunications company operating landline and GSM services in Italy and Brazil through its TIM arm.