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Telecom Italia denies selling TIM Brasil

'Baseless speculation'

02 December, 10:56
Telecom Italia denies selling TIM Brasil (ANSA) - Milan, December 2 - Telecom Italia on Monday dismissed reports of a possible deal to sell its majority stake in Brazilian group TIM Participacoes. "The rumors of any alleged partial or total (sale) of the Brazilian asset are based on speculation devoid of foundation," said a statement. Telecom Italia has a stake of nearly 67% in TIM Participacoes. Brazilian authorities are worried about rivals in the local market after TIM Participacoes's biggest Brazilian competitor, Spain's Telefonica group, moved to increase its shares in Telecom Italia.

Telecom Italia has not ruled out a sale, though it has reportedly called its majority stake in TIM Participacoes a strategic asset.

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