Billionaire Naguib Sawiris and AT&T had contacted investors who wanted to sell their shares in Telecom Italia. This was according to sources that were familiar with the matter said. The same source said earlier that Carlos Slim's company American Movil showed interest in the company. However, American Movil denied the report.
Meanwhile, a Reuters report said that there had been no expression of interest from investors to buy stakes citing sources who were familiar with the thinking of Telecom Italia shareholders.
Investors' expectations were ratcheted after Verizon Communications had agreed to acquire Vodafone out of its US wireless business. Telecom Italia was then seen as the next target.
The board of directors at Telecom Italia would gather in a meeting on September 19. The company's Chairman Franco Bernabe had been seeking investors prior the scheduled meeting.
AT&T refused to give any comments regarding the report. Egyptian tycoon Sawiris was also unavailable to give statements.
According to America Movil Chief Financial Officer Carlos Garcia Moreno said, "I can categorically deny that. We have not had any contact. Whatever is decided, if there is anything to be decided, will be discussed at the appropriate time and namely at the board meeting of September 19 of Telecom Italia and the following ones."
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