Vivendi wants TI to explore TIM Brasil sale - report

News General Brazil 19 JUN 2015
Vivendi wants TI to explore TIM Brasil sale - report

French media giant Vivendi wants Telecom Italia to explore a sale of its Brazilian mobile unit, TIM Brasil, once it becomes the Italian operator's largest shareholder, according to unnamed sources cited by Bloomberg. Vivendi is keen to build on the 8.3 percent stake in Telecom Italia it will get from Telefonica as part-payment for its Brazilian broadband unit GVT and is looking to boost its holding to as much as 15 percent in the coming days, according to recent reports. Vincent Bollore, Vivendi's chairman and largest shareholder, wants Telecom Italia to consider a disposal of TIM Brasil in the next two years to focus on Europe, said one of the sources, with another adding that Bollore may merge Telecom Italia with a European rival in the medium term. 

Tim Brasil is the second-largest mobile operator in Brazil behind Telefonica’s Vivo and is 67 percent owned by Telecom Italia. The Brazilian company responded to the report by issuing a statement confirming that Telecom Italia had no information about the rumours and had reiterated that the Brazilian unit remains a strategic asset.

Categories:

General

Companies:

Telecom Italia,  GVT,  TIM Brasil,  Vivendi

Countries:

Brazil,  Italy

Tags:

Shareholders & subsidiaries, M&A buyouts & divestments, Market research

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