Telecom Italia sets EUR13bn asking price for TIM Brasil stake

Bloomberg reports that Telecom Italia (TI) is asking for at least EUR13 billion (USD16.8 billion) for its 67% stake in Brazilian wireless carrier TIM Participacoes (TIM Brasil), valuing the company at around EUR20 billion – or a 73% premium over its stock value on Monday in Sao Paulo. The Italians are looking to sell off the majority stake, it says, after it lost out to rival Telefonica in a bidding battle for Vivendi-owned Brazilian broadband operator Global Village Telecom (GVT) last week. Other companies reportedly in the hunt for TIM Brasil include locally owned Oi SA, and Mexico’s America Movil (AM) – which are considering a joint bid for the operator.