Telecom Italia denies Brazil move
September 18, 2014
By Chris Forrester
Telecom Italia put out a stock exchange statement Sept 17 firmly denying reports that its Brazilian subsidiary was interested in buying Oi, a Brazilian telco and satellite broadcaster.
The filing denied numerous media reports that Telecom Italia was speaking to advisors about using TIM Brasil to buy Oi in a move to challenge local rival Telefonica and counter an initiative by America Movil, Telefonica and Oi itself to launch a bid of around EUR 12-13 billion for TIM Brasil.
Meanwhile on September 17th Oi sold its 75 percent stake in Africatel.