US operator AT&T and Egyptian telecoms investor Naguib Sawiris have contacted ‘core’ Telecom Italia investors about acquiring stakes in the Italian operator group, reports Reuters. However, no formal expressions of interest are believed to have been made.

The source also said Mexico-based America Movil was interested in the potential acquisition of a stake in the Italian operator group, but America Movil CFO Carlos Garcia Moreno denied any contact had been made in a statement to Reuters.

The Telecom Italia board is due to meet on 19 September with chairman Franco Bernabe understood to be keen to secure a new investor before the meeting.

Two previous investment proposals have been run aground due to shareholder opposition. The first was for Sawiris to take a stake through a €3 billion capital increase while the second was a merger with Hutchison Whampoa’s business in Italy.

Telecom Italia has a net debt of €28 billion and low profitability. Along with its attractive business in Brazil and shareholders open to selling, analysts believe the operator group may become an attractive take-over target.

It was reported earlier this week that “core Italian shareholders” in Telecom Italia are seeking buyers for their stakes.

Apparently, Mediobanca, which is a shareholder in the Telco venture which owns 22.4 per cent of Telecom Italia alongside Assicurazioni Generali, Intesa Sanpaolo and Telefonica, is looking for a buyer ahead of a 28 September deadline.

Bloomberg said that under the Telco shareholders deal, which was agreed in February 2012, the partners have exit options in September 2013 and August 2014.

Findim Group, which owns around 5 per cent of Telecom Italia, said it would support a share sale to raise funding for the operator – on the condition that it is accompanied by “a strategic business plan that will create real value for the phone company”.