Hutchison Whampoa said Thursday it isn't in talks with Egyptian tycoon Naguib Sawiris on selling him its Italian mobile phone unit, 3 Italia.

"We haven't had any talks with Sawiris," Hutchison Whampoa spokesman Hans Leung told Dow Jones Newswires.

Italian newspaper La Repubblica reported in its Thursday Internet edition that Sawiris is considering a EUR4 billion bid for 3 Italia.

Sawiris, who is being advised by Credit Suisse First Boston, controls Italy's Wind through his holding company, Weather.

Weather also has a controlling stake in Orascom Telecom Holding, which operates mobile phone networks in the Middle East, Africa and south Asia.

Hutchison would have already told its advisers that the EUR4 billion bid is too low and it would consider an offer of at least EUR5 billion to leave its Italian venture, the report said.

Source: Dow Jones Newswires