Egyptian tycoon shorts former Italian telecommunications monopoly

By Nizar Manek, 16 October 2013
(Ahram Online) --
Naguib Sawiris’ investment firm increases its short position on a debt-saddled Italian operator
Egyptian telecoms magnate Naguib Sawiris increased his short position in Telecom Italia after Spanish rival Telefónica agreed to gradually take a controlling stake in Telco, the largest shareholder in the Italian company. "We don't see any value in what it will do now," Sawiris told Ahram Online.
After Telecom Italia (TIT) was shorn of its investment grade rating last week and denied press reports it was seeking to raise €9 billion (US$12 billion) from selling its Brazilian unit, chief executive and chairman Franco Bernabè tendered his resignation. Spain’s Telefónica is believed to support offloading TIM Participaçoes (TIMP3), the Brazilian unit the debt-saddled Italian company has a 67 percent stake in.
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