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Telecom Italia unaware of any TIM Brasil offers
2014-11-03 08:47:00| Telecompaper Headlines
(Telecompaper) Telecom Italia CEO Marco Patuano has dismissed reports in the Brazilian press that the operator has received an offer to sell its Brazilian mobile unit TIM Brasil. According to the reports, America Movil, Telefonica and Grupo Oi have agreed to launch a USD 13 billion bid for Telecom Italia's controlling stake in TIM Brasil. However, Patuano said the company had not received any offer for TIM Brasil, which remained a strategic asset, as demonstrated by the EUR 1 billion spent in a recent 4G auction. "We have a major investment programme in place and have just participated in the auction for 4G services," he said. Telecom Italia chairman Giuseppe Recchi also said that no takeover offers had been received for TIM Brasil. Both Recchi and Patuano have repeatedly stated that Brazil remains a strategic market, but that they would consider selling TIM if the price is right. Telefonica's Brazil unit, Telefonica Brasil SA, also confirmed in a statement issued to the Brazilian securities regulator that it was not involved in any talks related to a joint bid for TIM Brasil, while Brazilian operator Oi said it had engaged BTG Pactual to act as its agent to come up with a bid for TIM Brasil but that no understanding or agreement had yet been reached.
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Category:Telecommunications