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Brazilian regulators to allow Telefonica and its Italian partners a majority stake in Telecom Italia.(ITALY)

European Telecom, November, 2007

The regulators of Brazil have approved the deal under which Spain's Telefonica SA and its Italy-based partners would purchase a dominant stake in Telecom Italia SpA. However, the country's telecom regulator, Anatel, said that the firms need to maintain their Brazil-based mobile operations separately.

The regulator has also said that the Spanish and Italian firms have six months to show how they would be doing so. Telefonica presently owns half of Brazil's biggest mobile operator, Vivo Participacoes, while Telecom Italia owns Brazil's second-biggest cellular service provider, TIM Participacoes. According to Telefonica spokesman Miguel Angel Garzon, the firm has already assured the operators' independence in the country. Anatel has asked the companies to present...

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