TIM Brasil dismisses TI sale rumour

2 Dec 2008

Brazilian telecoms group TIM Brasil says it is not aware of any plan for its parent company Telecom Italia to sell it to Spain’s Telefonica, BNamericas reports citing a statement from TIM. The Brazilian operator says it has been in touch with its Italian owner concerning the subject and been informed there is no basis for the rumour which surfaced in the Italian press last week. The Il Sole 24 Ore newspaper carried a story which claimed the Italian giant had scheduled a board meeting for 2 December 2008 to discuss the future of TIM, which if sold, could raise as much as EUR7 billion (USD8.84 billion).

Brazil, TIM Participacoes (TIM Brasil)