Italy’s mobile telecommunications giant Telecom Italia shot down rumors the company as looking to sell its branches in Brazil, stating it is not looking to quell competition concerns regarding Spain’s Telefonica buyout in the Italian company through the sale of its highly profitable business in Brazil. Reuters announced the news, citing unnamed sources, and elaborated that to follow through with the buyout Telecom Italia’s holding company Telco will likely be dissolved; the company owns about 22.4 percent of Telecom Italia’s shares at present, say reports.
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