Telecom Italia says Egyptian tycoon seeking stake

Egyptian billionaire Naguib Sawiris has made an offer to invest in Telecom Italia, which has been hit hard by the eurozone debt crisis, the debt-laden Italian company said Monday.

The company said it had recently received communication from Sawiris about his interest in investing in the company’s share capital by underwriting new stock issuing.

The company’s shares were up more than 7.0 percent on the Milan Stock Exchange following the announcement.

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