Telecom Italia’s Tim, number two in Brazil’s mobile market, may now be vulnerable to a takeover by rival Grupo Oi (OIBR3.SA), which is exploring a bid to split up Tim between itself, Mexico’s America Movil (AMXL.MX) and Telefonica.
Telecom Italia shares closed up 1.3 percent as investors speculated that a sale of Tim Brasil could be in the offing. Oi shares jumped as much as 3.5 percent.
“If Tim had merged with GVT it would have been a much tougher target,” said Alex Pardellas, a telecom analyst at CGD Securities in Rio de Janeiro. “Now it remains a natural candidate for consolidation.”
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