SAO PAULO--Brazilian shares opened higher Friday, led by TIM
Participacoes SA (TIMP3.BR, TIM), after a report the mobile phone
company will be the target of a takeover offer by other
telecommunications companies.
The benchmark Ibovespa stocks index rose 0.4% to 50526
points.
Italy's Il Sole 24 Ore newspaper said Telefonica SA of Spain, Oi
SA and Claro are seeking to buy TIM, which is Brazil's
second-biggest mobile phone company. Tim shares rose 5.9% to
BRL12.83 and Oi shares advanced 4.9% to BRL3.67.
Other Brazilian blue-chips were mixed.
Retail bank Itau fell 0.1% to BRL31.49 and rival Bradesco fell
0.9% to BRL28.66. Iron-mining giant Vale fell 0.6% to BRL3175 and
oil company Petrobras declined 0.4% to BRL16.68. Power company
Cemig rose 1.6% to BRL13.99 and steel-maker CSN gained 1.5% to
BRL14.25.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
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