Egyptian billionaire, Naguib Sawiris is looking to buy stake in TIM Participacoes S.A. (BOVESPA:TIMP3). A newspaper interview state that Naguib Sawiris is planning to bid for the company. He told Folha de S.Paulo that Telefónica, S.A. (CATS:TEF) has pushed Tim Brasil Serviços e Participações S.A.'s parent company, Telecom Italia S.p.A. (BIT:TIT), to break up the Brazilian unit and sell it to local players including Telefonica Brasil, S.A. (BOVESPA:VIVT4).

He stated, “That is an idea defended by Telefonica on the Board of Telecom Italia and I am vehemently against it, because it will devalue not just Telecom Italia shares, but also the assets of all the parts.” According to the news report, TIM Brasil, Telecom Italia, and Telefonica did not immediately respond to requests for comment. In January 2014, Telefonica denied reports that it was preparing a joint offer for TIM Participações along with America Movil S.A.B. de C.V. (BMV:AMX L) and Oi SA (BOVESPA:OIBR4). Recently, Telecom Italia said that any offer for TIM Brasil would be evaluated by independent directors and added that no plans or talks were underway to sell TIM Brasil nor had it received any offer.

Naguib Sawiris said, “I told the minister it would be an awful idea for the Brazilian government to allow the breakup of TIM. I am one possible buyer of TIM, if it is sold.”