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Telecom Italia shares rise on investment reports

Bernabe urges patience until board meeting on new investors

Telecom Italia shares rise on investment reports

Brussels, September 5 - Telecom Italia Chairman Franco Bernabe brushed off rumours Thursday of a hunt for new investors that caused sharp rises in the company's share price, advising patience until a key board meeting on September 19. "In Europe at this time, there is great movement in the field of telecommunications, so it is obvious that in the newspapers there are many different hypotheses about what could take place," Bernabe said. "Everything will be discussed at the Sept. 19 board meeting," he added. "I can understand that there is much speculation, but from my point of view we have nothing to say about this". According to reports, Telecom is looking for new investors with some existing shareholders interesting in selling their stakes in the company. Quoting unnamed sources, daily newspaper La Republicca reported Thursday that Egyptian tycoon Naguib Sawiris is among those who has contacted core Telecom investors possibly interested in selling their shares in the company. Trading in Telecom Italia shares was suspended on Thursday due to excessive gains after the price climbed 10% on the reports.

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