A PYMNTS Company

Multinational: Italy welcomes Egypt’s involvement in Brazil assets

 |  January 29, 2014

Following reports that Egyptian billionaire Naguib Sawiris would like to acquire assets in TIM Brasil to prevent its breakup, reports say Italy would welcome such an investment in the Telecom Italia company.

Brazilian regulators may force a breakup of TIM following Spain-based Telefonica’s increased control over Telecom Italia and, indirectly, in TIM.

Italy’s Deputy Industry Minister Antonio Catricala spoke at a conference regarding the issue, saying “investors who bring money are welcome.”

Egypt’s Sawiris told local reporters earlier this week that he would like to acquire Telecom Italia shares and possibly TIM as long as Telefonica sells its assets in the companies. He denied that any talks of such a deal have begun, however.

Full Content: The Africa Report

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.