(Telecompaper) AT&T and Egyptian investor Naguib Sawiris have made contact with the core Telecom Italia investors who want to sell their shares in the Italian group, a source close to the situation told Reuters. The two have not expressed a formal interest in buying a stake in Telecom Italia, the report said. Telecom Italia is 22.4 percent-owned by the Telco consortium, which is in turn controlled by Italian banks Mediobanca and Intesa Sanpaolo, insurer Generali and Telefonica. The financial companies have made clear they are looking to sell their stakes, and the shareholders pact gives them their first option to do so this month. The option can be exercised until 28 September. Telecom Italia is expected to discuss the issue at its next board meeting on 19 September. Sawiris, who previously controlled Italian operator Wind, approached Telecom Italia lastyear with an offer for a capital injection, but the board rejected the proposal. Italian daily la Repubblica reported earlier that Telecom Italia chairman Franco Bernabe will propose to the board a reserved capital increase to bring in a new investor. Sawiris is reportedly the favoured candidate to take new shares or acquire the stakes of the Italian financial investors.