Telco, TI must launch bid on TIM Brasil minority shareholders

23 Jan 2009

Dow Jones reports that the Brazilian market authority Commissao de Valores Mobiliarios has asked Telecom Italia’s (TI’s) controlling shareholder Telco to launch a bid on the minorities of its Brazilian unit TIM Participacoes (TIM Brasil). Telco, a holding company which includes Italian banks Intesa Sanpaolo and Mediobanca, insurance group Generali and the Benetton family, together with Spanish phone giant Telefonica, holds 24.5% of Italy’s largest telecoms operator. TI indirectly controls about 69.8% of TIM Participacoes’ share capital. TIM Participacoes has a market capitalisation of USD3.9 billion.