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Telefonica considers legal action against Brazil regulator

2013-12-16 11:19:00| Telecompaper Headlines

(Telecompaper) Telefonica has announced that it may take legal action against Brazil's anti-trust regulator, Cade. On 05 December Cade ordered Telefonica to scale back its interest in TIM Participacoes, the local unit of Telecom Italia, or find a new partner for its own Vivo unit. It also imposed a BRL 15 million fine on Telefonica for breaching a performance agreement signed in 2010. Telefonica has described Cade's ruling as unreasonable and confirmed that it was assessing the possibility of launching legal action. It also that its representatives on the Telecom Italia board, including Telefonica chairman Cesar Alierta and chief operating officer Julio Linares, would step down with immediate effect and the company would not present new candidates for now.

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