Telecom Italia rejects proposed investment from Naguib Sawiris
Iñaki Ferreras | 17-12-2012

Telecom Italia's board of directors has rejected an investment proposal by Naguib Sawiris, owner of the Egyptian operator Orascom.

According to some Italian media, Sawiris offered Telecom Italia an investment of $5,000 million through a capital increase, which would have led to a 30% control of the group's capital.

The Italian telco had emerged as a possible interested group in the purchase of the Brazilian DTH- IPTV operator GVT, and Sawiris' offer would have helped finance this, reports Next TV Latam.

After the French group Vivendi confirmed its intention to sell GVT, four possible buyers emerged as interested companies: DirecTV (USA), Grupo Oi (Brazil), America Movil (Mexico) and Telecom Italia (Italy). Telecom Italia and Oi have confirmed that they will join the bidding.

Vivendi is seeking to raise at least $8,900 million from the sale of GVT and it expects to receive bids during Q1 2013.