Telecom Italia Denies Plans To Sell Shares In Brazil Unit

Date : 09/05/2011 @ 11:20AM
Source : Dow Jones News
Stock : Tim Participacoes S.A. American Depositary Shares (Each Representing 5 ) (TSU)
Quote : 16.19  -0.22 (-1.34%) @ 12:26PM

Telecom Italia Denies Plans To Sell Shares In Brazil Unit

Tim Participacoes (NYSE:TSU)
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Italian phone company Telecom Italia SpA (TIT.MI, TI, TIA) denied Monday it is planning to sell some of the shares in its Brazilian mobile phone subsidiary, TIM Participacoes SA (TIM3.BR, TSU).

"Telecom Italia doesn't plan to sell any part of its direct or indirect stakes in TIM Brasil and isn't working on any such hypothesis," TIM said in a statement to the Brazilian securities commission, CVM.

Brazilian financial newspaper Valor Economico reported in its Monday edition that Telecom Italia was planning to raise up to 3 billion Brazilian reais ($1.8 billion) from the sale of shares in TIM Participacoes. It said Telecom Italia owns 67% of the shares in TIM Participacoes.

Shares in the Brazilian unit were the heaviest losers in Monday's morning session, falling 5.8% to BRL8.90.

-By Matthew Cowley, Dow Jones Newswires; +55 11 3544 7082; matthew.cowley@dowjones.com




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