Telecom Italia (TI) has rejected a EUR3 billion (USD3.91 billion) investment offer from Egyptian telecoms tycoon Naguib Sawiris, Reuters reports. The heavily indebted telco said that its board had decided ‘not to proceed further’ with regards to an expression of interest from Sawiris, who had proposed to invest capital to engineer a strategic turnaround.*In other news, TI’s eight-hour board meeting also saw management urged to continue its investigation into a possible sale of a stake in its copper network to state fund Cassa Depositi e Prestiti (CDP)
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OVETEL No Cairo cakewalk as TI spurns investment approach from Sawiris
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