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Brazil: Authorities pursue Telefonica fine for Telecom Italia deal

 |  December 1, 2013

A report released by Brazil antirust authority CADE suggests Telefonica should be fined and should immediately sell its stake in Telco, which controls Telecom Italia, following Telefonica’s increased stake in the company.

Reports say CADE claims Telefonica’s upped share in Telco violates a 2010 ruling that intended to keep Telefonica and Telecom Italia separate.

Authorities are now calling on a ban from any future buyouts in Telco by Telefonica.

Telefonica first began last September plans to gradually increase its control over Teleco and, therefore, Telecom Italia.

CADE is now recommending a fine of $6.5 million on the company, though its report is non-binding.

Full Content: Times of India

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