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Brazil: Global powerhouse poised to bid for TIM

 |  November 2, 2014

A consortium of three major telco firms is poised to bid for Brazilian wireless operator TIM, according to reports.

Unnamed sources said Friday that Brazil’s Grupo Oi, Mexico’s America Movil and Spain’s Telefonica are planning to submit a bid to acquire Brazil’s second-place wireless operator from its current owner, Telecom Italia. Financial details of the offer were unavailable, but one source said a bid could be submitted within the next two weeks.

Telecom Italia has been in the midst of conflict with Brazilian competition regulator CADE over its 67 percent stake in TIM. The dispute stems from Telefonica, the largest shareholder in Telecom Italia, and its dual presence in Brazil.

Reports did not indicate whether Telefonica’s involvement in the joint bid for TIM would further conflict with CADE’s agenda.

Full content: Reuters

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