Telefonica ‘confident’ on TI clearance

13 Sep 2007

According to the Financial Times Telefonica has expressed confidence that Brazilian regulators will soon give clearance for a consortium backed by itself to buy a controlling stake in Telecom Italia. The deal has been approved by European Union authorities, but requires clearance by Brazilian regulators because Telecom Italia owns TIM Brasil, one of the largest mobile phone operators in the country. César Alierta, Telefonica’s chairman, said he was ‘very confident’ that Anatel, Brazil’s telecoms regulator, would approve the deal, possibly before the end of the month.

Telecom Italia has been in limbo since April when a consortium, led by Italian financial institutions, but also including Telefonica, announced plans to buy a controlling stake in the company for EUR3.3 billion (USD4.6 billion) in cash.

Italy, Telecom Italia (TIM), Telefonica