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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.



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