Following Wednesday’s order that Telecom Italia divest its assets in Brazil, reports say Telecom Italia investor Marco Fossati is speaking out against regulator CADE’s ruling, arguing it will financially injury the holding.
CADE ordered Telecom Italia to divest its Brazilian unit TIM ahead of Spain-based Telefonica’s increased stake in Telecom Italia. The issue, the regulator says, is that Telefonica already has its own wireless operation in Brazil.
Now, Telefonica can either sell TIM or find a partner to run its own Brazilian unit Vivo, which is the nation’s largest carrier.
Telefonica said it is reviewing CADE’s decision and has not yet chosen how to respond.
Full Content: Reuters
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