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Telecom Italia says Egyptian billionaire makes offer

Published on Nov 12, 2012 6:08 PM

MILAN (AFP) - Telecom Italia said on Monday that Egyptian billionaire Naguib Sawiris had made an offer to invest in the debt-laden Italian company.

Mr Sawiris' offer to buy a large stake in the telecommunications company has been "noted," Telecom Italia said in a statement.

The company's shares were up more than 7.0 per cent on the Milan Stock Exchange following the announcement.