Brazil regulator to examine Telefonica buy of Telecom Italia stake Oct 23 UPDATE |
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Thu, 18 Oct 2007 10:26
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(Update with reported conditions imposed on Telefonica)MILAN (Thomson Financial) - Brazil's telecommunications regulator Anatel will examine on Oct 23 Telefonica SA's purchase of a controlling stake in Telecom Italia SpA, according to the agency's website.Telefonica, along with a group of Italian investors, is scheduled to buy by Nov 15 an 18 pct stake in Telecom Italia from Pirelli & C SpA.The operation will be carried out by the holding company Telco, which will end up owning 23.6 pct of Telecom Italia.Anatel has to clear the operation because Telefonica owns 50 pct of Vivo, Brazil's largest mobile phone operator, while Telecom Italia owns Tim Brasil, the country's second largest mobile company.According to the Italian daily La Repubblica, Anatel will give Telefonica 12 months to decide whether to keep its 50 pct in Vivo or cut its stake in Telco to 20.0 pct from 42.3 pct.philip.webster@thomson.compw/nesCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Brazil's regulator to examine Telefonica purchase of Telecom Italia stake Oct 23 