Telecom Italia linked with MTN bid

23 Sep 2008

Italian press reports are suggesting that Telecom Italia could make a surprise bid for the pan-African cellular operator MTN. The Corriere della Sera reports that the Italian telco is considering making an offer for the Johannesburg-based cellco, which is the second largest mobile operator in South Africa and claimed 74.1 million subscribers in 21 markets at the end of June. The newspaper says the bid could be financed through the spin-off of Telecom Italia’s network operations and by offering EUR5 billion (USD7.3 billion) of new shares to foreign investors.

MTN Group, Telecom Italia (TIM)