Telefónica already part owns TIM Brasil through its 15% stake in Telecom Italia, and, according to local reports, the Spanish firm is readying an offer with two rivals in the Brazilian mobile market.
An Italian newspaper named America Movil and Oi as the aforementioned rivals and also said that Telefónica would use a successful acquisition to break up TIM Brasil.
Investment bank Pactual is thought to be working on the proposed deal and an offer could reportedly be ready before the end of the month following a Telefónica board meeting set for early next week.
However, Telecom Italia said in early December last year that it had no plans to sell TIM Brasil, and this was reiterated in a statement today.
“Telecom Italia... once again states that the Brazilian company is a strategic asset,” the statement read.
In September last year, Telefónica moved closer to increasing its stake in Telecom Italia.
