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Asati urges Telecom Italia to merge TIM Brasil, not sell it.

telecompaper

04-11-2014 \|	Link	Invia	Stampa

Telecom Italia's minority investors association Asati has urged the company not to sell its controlling stake in TIM Brasil, but to consider a potential merger with Brazilian operator Grupo Oi. In a letter to the Telecom Italia board, Asati said an agreement with Oi would represent a great opportunity and could be reached with a �modest� capital hike. However, the shareholder group also clarified that if no such merger were possible, �no offer should be considered if it values TIM Brasil at less than 8.5 times its EBITDA.� Asati added that the probable entry of Vivendi in Telecom Italia�s shareholder structure in March may create a conflict of interest in Brazil due to its stake in another local rival Telefonica, which is why Telecom Italia should act now.
Recent reports in the Brazilian press have indicated that America Movil, Telefonica and Grupo Oi have agreed to launch a USD 13 billion bid for Telecom Italia�s controlling stake in TIM Brasil. However, Oi and Telefonica have denied plans for a joint bid, while Telecom Italia has confirmed that no such offers for its Brazilian unit have been received.

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