(Telecompaper) Egyptian tycoon Naguib Sawiris is still interested in taking a stake in Telecom Italia but might be discouraged if the Italian government was opposed. In an interview with Reuters, Sawiris said he was considering a "potential investment in Telecom Italia" but might not submit a proposal "in view of (Italy's)... alleged preference for Telefonica reported in the Italian press." Earlier, an Italian newspaper reported that the Italian government would prefer a merger between Telecom Italia and Telefonica rather than an investment by Sawiris. However in an interview with Reuters, Italy Economy Minister Fabrizio Saccomanni said Rome welcomed foreign investments and companies should be left to decide on their future strategy. "We don't have any strategy to prevent such investments," the minister said on the sidelines of the Ambrosetti forum in Cernobbio. "We don't necessarily have a role to play in single negotiations and I think it should be up to the companies involved to decide on the terms and conditions for foreign takeovers." In a related development, insurance company Generali said it was willing to sell its stake in Telecom Italia in order to focus on its insurance business, but would decide on the timing of any potential sale after the board meeting on 19 September.