Brazil Movil to buy TIM from Telecom Italia for 8.0 billion euros: report

0 Comments | AFP, November, 2006

RIO DE JANEIRO (AFP) — Brazilian wireless provider Claro, a unit of Latin American telecom giant America Movil, has reportedly agreed to buy Telecom Italia's TIM mobile phone operations for eight billion euros. Citing company and market sources, the Brazilian daily O Globo said the deal was agreed Friday between the two groups, two weeks after Claro revised its offer for TIM.

An industry source said the deal was almost certain to go through and that the market expects an announcement next week. In a brief statement issued late Saturday, TIM denied the Globo report: "Today's news about the likely sale of TIM ... is groundless." The sale of TIM was expected since owner Telecom Italia announced a reorganization on September 11. Two offers were reported by the group, one from...