Telecom Italia formally reject Sawiris’ bid for a stake

Telecom Italia has formally rejected an offer by Egypt’s Naguib Sawiris to take a stake of up to US$4 billion in the company.

In a short statement, the company said that "following the evaluations carried out the board has decided not to proceed further."

However, the company is to go ahead with talks that could lead to the sale of its copper network to the state investment fund, Cassa Depositi e Prestiti.

The debt-laden company has also agreed to pursue an option to sell its loss making TV division, Telecom Italia Media subsidiary, but is negotiating for a better offer from the two bidders.