An Italian newspaper claims this morning that Weather Investments, the telecoms investment vehicle led by Egyptian entrepreneur Naguib Sawiris, has made a bid worth around €4 billion for 3 Italia, the Hutchison Whampoa-owned Italian mobile operator. The report in La Repubblica, which does not reveal sources, adds that Hutchison wants at least €5 billion for the Italian business. Weather Investments already owns 3 Italia’s rival Italian mobile operator, Wind. A spokesman for Hutchison Whampoa has since denied that talks are taking place.

According to recent Wireless Intelligence estimates, 3 Italia is the fourth-placed Italian mobile operator with an estimated 8.6 million customers by end of second-quarter 2008. TIM is market-leader (36.4 million), followed by Vodafone Italy (30.7 million) and Wind (16 million). 3 Italia was linked with a takeover bid by Deutsche Telekom last year but no deal emerged.