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."
The Egyptian billionaire, who runs Orascom Telecom, made it clear that, in his opinion, Telecom Italia should hold onto its stake in TIM Brasil. "I think it's not good for Telecom Italia to dispose its stake in TIM Brasil," he said. “It does not make any sense to me, because it will reduce the carrier to a regional company only focused on Italy”.
Sawiris went on to stress that he was not considering an unsolicited bid for TIM Brasil and that he had not held talks with either Telecom Italia or Telefonica. In an interview with the Brazilian newspaper Folha de S. Paulo last week, Sawiris said that he would be prepared to bid for TIM Brasil if it were sold but would prefer the unit not to be split off from Telecom Italia.
