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Egypt's Sawiris Wants Telecom Italia Management Change - Report

Date : 11/13/2012 @ 2:25PM
Source : Dow Jones News
Stock : Telecom Italia (TIT)
Quote : 0.8555  -0.0005 (-0.06%) @ 9:00PM
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Egypt's Sawiris Wants Telecom Italia Management Change - Report

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Egyptian businessman Naguib Sawiris would like to see a change of management at Telecom Italia SpA (TIT.MI) in return for his investment in the Italian telecommunications company, according to an interview in French daily Le figaro published Tuesday.

"I have simply set as condition the possibility to change management," Mr. Sawiris told the paper. "With our experience, a capital increase and maybe a realignment of management, Telecom Italia can really kick off again," he said.

Telecom Italia said Monday that Sawiris has expressed interest in investing in Telecom Italia through underwriting of new stock issuing and that the company is now evaluating this offer.

In the interview, Mr. Sawiris also said he is still interested in entering the French telecoms market and is keeping a close eye on developments in the country. "If there is an opportunity in France, I am there. But unfortunately only French investors are wanted in France. It's the only country where the four main operators are franco-French. A poor Egyptian like me has no chance," he said.

Newspaper website: http://www.lefigaro.fr

Write to Ruth Bender at ruth.bender@dowjones.com

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