Egyptian billionaire Naguib Sawiris has officially proposed a €3B ($3.88B) cash infusion for...

|By:, SA News Editor

Egyptian billionaire Naguib Sawiris has officially proposed a €3B ($3.88B) cash infusion for Telecom Italia (TI -3.4%), one he says should be open to all shareholders and take place near TI's current price of €0.70/share. That latter point can't sit well with Telefonica (TEF) and the 3 Italian banks that own 22.4% of TI - they assign TI a valuation of €1.50/share on their books, and have made their opposition to Sawiris' plans clear. Sawiris, for his part, opposes a plan to spin off debt-laden TI's wireline assets, and wants to increase its Brazilian exposure.