The highly successful stage musical Mamma Mia has apparently been picked up by a production group including Tom Hanks with a view to a film release by late 2007.

The story is from Variety through Coming Soon:

The show's book writer, Catherine Johnson, is penning the screenplay, which will stick closely to the crowd-pleasing musical's plot. Raised on a Greek island by a formerly rebellious mom who never disclosed the identity of her father, a bride-to-be locates three men who might be her father and invites them to her wedding. The resulting conflict triggers 22 ABBA hits like "Dancing Queen," "Take a Chance on Me" and "The Winner Takes It All."

I haven't seen the musical (thankfully) but I actually hear that it is a lot of fun, can that fun translate to the big screen though?