TIM to merge units

2 Jun 2004

Telecom Italia Mobile (TIM) has revealed that it will merge two of its Brazilian operations – Tele Celular Sul Participaçoes and Tele Nordeste Celular Participaçoes – in a bid to cut costs in the country. The announcement, however, has brought about a fall in share prices as the market examined the long-term implications of the deal. TIM plans to file documents with the SEC this month.

Brazil, TIM Brasil