Brazilian cello denies Telecom Italia sale rumour

6 Sep 2011

Brazil’s newly anointed number two mobile operator by subscribers, TIM Participacoes (TIM Brasil), has denied that its controlling shareholder Telecom Italia (TI) is looking to sell part of its stake in the company. Reuters cites a securities filing by Sao Paulo-based TIM which scotches the rumour which emerged in local newspaper Valor Economico. According to that report, TI was lining up to sell some of its 67% holding in TIM Brasil – whilst retaining overall control. However, the Brazilian group countered this by saying it had contacted the parent group and been informed that the Italians have no plans ‘to sell any part of its direct or indirect participation in TIM Brasil and is not even working on a proposal of that kind.’

Brazil, TIM Participacoes (TIM Brasil)