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Cade orders Telefonica to scale back Brazil assets

2013-12-05 10:06:00| Telecompaper Headlines

(Telecompaper) Brazil's anti-trust regulator, Cade, has ruled that Telefonica must scale back its influence in the Brazilian telecoms sector by finding a new partner for its Vivo mobile phone unit or else convince Telecom Italia to sell its controlling stake in Tim Participacoes. The ruling, which is now definitive, also confirms the fine of BRL 15 million imposed on Telefonica for breaking a performance agreement signed in 2010, in which the Spanish group agreed not to participate in TIM Brasil's management decisions or raise its stake in Telecom Italia. Cade also fined TIM Brasil BRL 1 million.

Tags: back orders scale brazil

Category:Telecommunications

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