Sawiris to help Telecom Italia bid for GVT

Sawiris to help Telecom Italia bid for GVT

Egyptian tycoon Naguib Sawiris is reportedly offering to buy a stake in Telecom Italia with the intention of helping fund the acquisition of Vivendi's Brazilian unit GVT.

Telecom Italia confirmed yesterday that Sawiris has offered to acquire a stake in the company and that the deal was put before the company's board last week.

II Messaggero reports that Sawiris wants to invest €3-4 billion in Telecom Italia to back its bid for GVT, which is being sold by Vivendi.

The French media group is looking to raise at least €7 billion from the sale of the unit.

Telecom Italia's shareholders are said to be split in their approach to Sawiris' offer. II Sole 24 Ore reports that Intesa Sanpaolo is in favour, Mediobanca is neutral while Assicurazioni Generali and Teléfonica are opposed.

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