An English appeals court reduced the 75 million euro fee that business tycoon Naguib Sawiris was ordered to pay to an adviser on a European acquisition, Bloomberg reported Friday.
The award was to be paid to Italian businessman Alessandro Benedetti, who advised Sawiris on Weather Investments' aquisition of Wind Telecomunicazioni SpA, Italy's third largest mobile operator. The appeals court reduced Benedetti's compensation to 14.5 million euros.
In 2007, Benedetti filed a lawsuit against Sawiris for a one-third stake in Weather Investments SpA for the work Benedetti did advising the company on its acquisition strategies. According to the Italian advisor's spokesman, the stake was worth billions.