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Telefonica hatches up a takeover of TIM Participacoes



Roman empire crumbles in Brazil

Telefonica is working on a joint offer to take over TIM Participacoes and break up the local wireless unit of Telecom Italia also known as TIM Brasil.

Brazil's antitrust watchdog snarled that the Spanish telecoms group had to flog its interest in TIM Brasil or seek a new partner for its market-leading Vivo mobile business. According to the Il Sole 24 Ore newspaper, Telefonica, which partly owns TIM Brasil via its 15 percent stake in Telecom Italia, is looking to set up an investment vehicle with its two main rivals on the Brazilian mobile market to buy the unit and break it up.

The two rivals are Carlos Slim's America Movil, owner of mobile operator Claro, and Brazil's Oi.

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