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. Last Updated: 07/27/2016

Sistema Seeks Stake in Telecom Italia

Services conglomerate Sistema is interested in buying a minority stake in Telecom Italia from Italy's Pirelli group, Kommersant quoted Sistema's president as saying Friday.

"This giant telecommunications company is undergoing wide-scale restructuring and that is why things are complicated there," Sistema president Alexander Goncharuk told the paper. "We are really interested in the company but we have not agreed on anything yet."

Pirelli owns 80 percent of Olimpia financial company, which in turn owns 18 percent of Telecom Italia.

Pirelli's willingness to sell a minority stake in Olimpia "has led to various contacts with interested parties," the Milan-based company said Friday.

Last year, Sistema approached Deutsche Telekom with a proposal to swap its telecoms assets for up to a 20 percent stake in the German operator.

However, the German government rebuffed the overture, and industry analysts said opposition to a sale of Deutsche Telekom to a foreign company was strong in Germany.