November 26, 2012 / 10:37 AM / 5 years ago

Sawiris offer for Telecom Italia must be worth 1.5 euro to be attractive-shareholder

MILAN, Nov 26 (Reuters) - Telecom Italia shareholder Marco Fossati said on Monday that any offer for the company from Egyptian businessman Naguib Sawiris must be worth around 1.5 euros per share to be attractive.

The debt-laden group has attracted attention from Sawiris, who could invest billions of euros by buying new shares in the company. The possible investment will be discussed at a Telecom Italia board meeting on Dec. 6.

“I seem to have understood there is no specific or detailed offer,” Fossati told Reuters. “We’re waiting for his next move.”

“A correct price would be the one that most shareholders have on their books, which is around 1.5 euros per share.”

Fossati holds a five percent stake it the company. At 1024 GMT, shares were trading at 0.69 euros, down 0.6 percent. (Reporting by Stefano Rebaudo, writing by Jennifer Clark, editing by Danilo Masoni)

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