Telecom Italia plans to keep hold of TIM Brazil, papers say

2 Jan 2007

Telecom Italia (TI) is not selling its Brazilian mobile unit TIM Brasil, writes BNamericas citing local newspaper Folha de S Paulo. ‘What I understand is we are not selling TIM Brasil. What we are prepared to sell, like everyone knows, is our share in Brasil Telecom,’ the paper reported Telecom Italia’s global director of investor relations Giampaolo Zambeletti as saying. The director’s statement further muddies the water in the saga of TI’s supposed sale of its Latin American assets. The Italian firm has not helped matters by making comments to the press that directly contradict Zambeletti’s latest statement. Last month TI’s CEO Riccardo Ruggiero went on record as saying he was against the sale of TIM Brasil and that his firm was reconsidering TIM Brasil’s strategic importance. However, shortly before that, Ruggiero had said they would have a buyer for TIM Brasil before the end of 2006.

Brazil, Telecom Italia (TIM), TIM Brasil