Ramsco's Women Empowerment Initiative Recognized Among Top BRICS Businesswomen Practices for 2025    Egypt, Elsewedy review progress on Ain Sokhna phosphate complex    Gold prices end July with modest gains    Pakistan says successfully concluded 'landmark trade deal' with US    Egypt's FM, US envoy discuss Gaza ceasefire, Iran nuclear talks    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Federal Reserve maintains interest rates    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Rafah Crossing 'never been closed for one day' from Egypt: PM    I won't trade my identity to please market: Douzi    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt's EHA, Huawei discuss enhanced digital health    Egypt, Oman discuss environmental cooperation    Egypt's EDA explores pharma cooperation with Belarus    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Telecom Italia's Sawiris Stake Sale Seen Boosting Value
Published in Amwal Al Ghad on 14 - 11 - 2012

Telecom Italia SpA (TIT)'s second-biggest shareholder says he would welcome an investment by Egyptian billionaire Naguib Sawiris in the phone company as it may create value and boost the stock price.
“Any industrial or sector investor who can help to unlock the real value of Telecom Italia would be a welcome addition," Marco Fossati, whose family's Findim Group SA owns about 5 percent of Telecom Italia, said in a phone interview yesterday. “Sawiris is an expert in the telecommunications industry with an incredible track record in creating shareholder value through both organic and creative M&A activities."
Italy's former phone monopoly said Nov. 12 that Sawiris expressed an interest in acquiring new shares in the company. Sawiris made his first major venture into Italy in 2005, when he bought Wind Telecomunicazioni SpA, the country's third-largest mobile-phone provider.
With an investor like Sawiris, Milan-based Telecom Italia “could benefit across all geographies including Brazil," Fossati said. “He's an expert in acquiring needed assets and, unlike Telefonica, he will have no conflicts of interest when doing so."
A sale of new shares would dilute the stakes held by Telefonica SA (TEF), Assicurazioni Generali SpA (G), Mediobanca SpA (MB) and Intesa Sanpaolo SpA (ISP), which together own about 22 percent of Telecom Italia through holding company Telco SpA.
‘Constructive Debate'
Telefonica, Spain's biggest phone company, and Telecom Italia compete in South American countries such as Brazil, where they control the top mobile carriers by subscribers, and Argentina.
Telecom Italia may look at Vivendi SA (VIV)'s Brazilian phone operator GVT as the French company considers options for the asset, Chief Operating Officer Marco Patuano said yesterday.
“We're happy to work with anyone who has strong strategic and industrial projects to help create value," Fossati said. This type of investor could help re-balance the board with more industry experts, prompting “a more constructive debate and confrontation with management within the board, which currently appears to be hostage to Telefonica."
Telecom Italia has lost about two-thirds of its value since November 2007, when Findim said it had a 2 percent. The shares added 0.3 percent to 72.4 cents as of 9:53 a.m. in Milan, giving the carrier a market value of 13.5 billion euros ($17.1 billion).
Any capital increase should reflect “the true underlining value" of Telecom Italia and not the current “depressed" price, Fossati said.


Clic here to read the story from its source.