Egyptian billionaire Naguib Sawiris is ready to invest $1 to $2 billion in Telecom Italia if its biggest shareholder Telefonica pulled out from the Italian phone group, according to newspaper Il Sole 24 Ore,. Sawiris, who unsuccessfully attempted to purchase a stake in Telecom Italia in 2012, criticised the presence of the Spanish group because of conflicting interests in Brazil and said Telecom Italia needed cash for investments.Telefonica, which together with three Italian financial institutions controls 22.4 percent of Telecom Italia through holding Telco, is a direct rival of Telecom Italia in Brazil.Sources close to Telefonica have said the group would like to break up Telecom Italia's Brazilian unit TIM Brasil and share its assets with other telecom companies."In the past I made my calculations and put forward a proposal. I think I would reiterate that: I would be ready to invest 1 to 2 billion dollars," Sawiris said when asked how much would he spend on Telecom Italia if Telefonica withdrew from it.
Financial Institutions, Inc. (FII) is a financial holding company. Shares of FISI traded higher by 0.17% or $0.04/share to $23.25. In the past year, the shares have traded as low as $17.92 and as high as $26.59. On average, 42354 shares of FISI exchange hands on a given day and today's volume is recorded at 36342.
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