Italian incumbent Telecom Italia (TI) has denied that it is planning to reduce its stake in its Brazilian subsidiary, TIM Participacoes.
TIM Participacoes stated that it had been informed that TI is not planning to sell any part of its direct stake in…
Italian incumbent Telecom Italia (TI) has denied that it is planning to reduce its stake in its Brazilian subsidiary, TIM Participacoes.
TIM Participacoes stated that it had been informed that TI is not planning to sell any part of its direct stake in TIM Brasil or its indirect stake in TIM Participacoes, and that it is not working on any plan of the kind.
The denial follows reports yesterday in Brazil that Telecom Italia was planning to sell part of its 67% indirect stake in TIM with a value of between US$2bn and US$3bn.
Local newspaper Valor Economico claimed that banks had been contracted.
TI currently holds a 100% stake in TIM Brasil, which in turn holds a 67% stake in TIM Participacoes.
TIM Participacoes controls mobile operator TIM Celular and fixed-line operator Intelig.
