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AT&T eyeing Telecom Italia?

The phone giant has contacted core investors in struggling Telecom Italia (TIA) regarding possibly buying their stakes, Reuters said, citing an unnamed source close to the companies. In addition to AT&T (T), Egyptian tycoon Naguib Sawiris and Mexico's America Movil (AMOV), headed by billionaire Carlos Slim, are also eyeing the Italian company, the report said. Telecom Italia's board is set to meet Sept. 19 and Chairman Franco Bernabe is seeking a new investor ahead of the meeting. AT&T shares fell 1.2%.