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Reuters: AT&T, America Movil, Sawiris approach Telecom Italia group

  • Telefonica (TEF) and other shareholders who collectively own 22.4% of Telecom Italia (TI) and are mulling a sale have been approached informally by AT&T (T), America Movil (AMX), and Egyptian tycoon Naguib Sawiris, Reuters reports. Speculation has abounded that the $130B Verizon-Vodafone deal will lead to a shake-up in the sector.
  • Telco, a consortium made up of Mediobanca Intesa Sanpaolo, Generali and Telefonica, owns 22.4% of TI. The shareholders have an option until Sept. 28 to exit their stakes early. Brokerage ICBPI: "The likely exit of Mediobanca and Generali from the Telco pact ... boost speculation on [Telecom Italia]."
  • Shares of Telecom Italia are up 7.8% in Milan.
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