Venerdì, 19 Ottobre 2018

Telecom Italia stock spikes 6% on news of Sawiris' offer


Milan, November 12 - Telecom Italia (TIT) stock
shot up more than 6% on Monday on news that Egyptian billionaire
and Orascom Development CEO Naguib Onsi Sawiris had offered a
capital increase in exchange for a minority stake.
A note from TIT confirmed Monday morning that Sawiris was
interested in buying an emission of new shares.
"The initiative is described as aimed at providing the
company with resources for growth projects. The document was
read at the Board Meeting held last November 8th. (The board)
limited itself to taking note of it, reserving for itself the
opportunity to evaluate" the proposal after a series of checks,
the company note said.
Unconfirmed rumors placed the value of the offer at 4-5
billion euros.
The news followed better-than-expected third-quarter
results and confirmed year-end targets.
ßßß''Clearly if someone has an interest in Telecom Italia, it
means the company has value. We are pleased that there should be
such an interest,'' commented TIT CEO Franco Bernabe'.
On Monday, Bernabe' told journalists at a company
presentation that TIT's industrial plan "is aggressive on costs,
but also on development".
Asked whether the industrial plan will have an impact on
company employees, Bernabe' replied, "When the moment arrives,
we will talk about it."

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