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Sawiris interested in Telecom Italia if Telefonica exits
2014-01-27 10:03:00| Telecompaper Headlines
(Telecompaper) 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".
Tags: interested
italia
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Telecom Italia independent directors to vet any Brazil sale
2014-01-17 13:13:06| Telecom - Topix.net
Wireless carrier TIM Brazil is Telecom Italia's main source of growth but has become the focus of a shareholder dispute over how the Italian telecoms group should cut debt and fund much-needed domestic investment.
Tags: sale
independent
italia
brazil
Telecom Italia to set up committee to evaluate Brazil sale
2014-01-17 09:32:00| Telecompaper Headlines
(Telecompaper) Telecom Italia announced its intention to put in place controls to vet eventual deals involving TIM Brasil, specifying that there is no current bid for the company's prized Brazilian unit or any plans to sell it. The controls would take the form of an "ad hoc procedure, in line with that for operations with related parties", said the company in a statement following a board meeting held on 16 January. Directors also decided to set up a group to evaluate changes to the company's bylaws, and said that both the Brazilian issue and governance matters will be further discussed at another board meeting on 06 February. The main outcome of the meeting is that any possible future sale of TIM Brasil could need approval at a special shareholders' meeting where Telefonica, if identified as a related party, would be left out of the vote. However, such a review by independent directors could shield Telecom Italia from accusations of conflict of interest. Telefonica currently controls Telecom Italia together with three Italian partners via a 22.4 percent stake held in investment vehicle Telco. Sources close to the matter have said Telefonica is looking to break up TIM Brasil and divide its assets between itself and the other two mobile operators in Brazil to circumvent antitrust issues.
Tags: set
sale
italia
committee
Telecom Italia CEO backs plan to curb major holder Telco's power
2014-01-16 01:00:00| Total Telecom industry news
Activist investor Marco Fossati calls for bylaw changes; claims TIM Brasil could be worth more than $40 billion.
Telefonica Denies Telecom Italia Brazil Unit Deal
2014-01-06 12:12:54| Telecom - Topix.net
Spanish telecom giant Telefonica SA has denied a press report that it is preparing a sale of Telecom Italia SpA's Brazilian unit, amid mounting speculation of possible telephony market consolidation in Latin America's largest economy.
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