Brazilian telecom regulator Anatel’s clearance of the acquisition of a 23.6% indirect stake in Telecom Italia by holding company Telco, from Pirelli, is at risk for antitrust reasons, according to Italian daily La Repubblica in an unsourced report. According to the newspaper, if Anatel does not clear the acquisition, Spain’s Telefonica, which owns a 42% stake in Telco, and its Italian investment partners may consider breaking up their Telco stakes. The Italian shareholders of Telco are Assicurazioni Generali, Intesa Sanpaolo, Mediobanca and the Benetton family. La Repubblica also noted that after the possible break-up, Telefonica would have 10% of Telecom Italia and have a free hand to launch a paper takeover bid for the Italian telecoms group. Such a scenario, however, would run into opposition from the Italian government. Anatel is expected to decide on the acquisition in September.