SAO PAULO/MILAN (Reuters) - Brazil's Grupo Oi SA, Mexico's America Movil SAB and Spain's Telefonica SA agreed to place a joint bid worth around 32 billion reais ($13 billion) for TIM Participações SA, two sources with direct knowledge of the matter said on Friday.
The companies agreed to present a single offer to minority shareholders and Telecom Italia SpA, which owns about 67 percent of TIM Participações, Brazil's No. 2 wireless carrier, said the first source, who requested anonymity as the deal is still in the works.
PARIS/LONDON/MILAN (Reuters) - Telecom Italia has lost a promising path to earnings growth by failing to secure Brazilian broadband business GVT and may now turn from hunter to hunted in a fast-consolidating telecoms industry.
Winning the auction for French media company Vivendi's GVT was vital for both Telecom Italia and its rival, Spain's Telefonica, as their European markets have been shrinking. Italy was gripped by a mobile price war for much of last year, revenue is falling and competition remains tough.
RIO DE JANEIRO/PARIS (Reuters) - Brazil’s Grupo Oi SA unveiled plans on Wednesday to take over Telecom Italia's local mobile unit, in a move sources said was aimed at breaking up the country’s second-biggest wireless carrier and upstaging merger bids by foreign rivals.
Oi said on Wednesday that it hired Brazilian investment bank and shareholder Grupo BTG Pactual SA to explore alternatives to acquire Telecom Italia SpA's 67 percent stake in TIM Participações SA, the country's second biggest wireless carrier.
(Reuters) - Mobile service provider NII Holdings Inc, reporting its ninth quarterly loss in a row, said on Monday it may have to file for bankruptcy after struggling to compete in Brazil and Mexico.
NII shares fell more than 50 percent in after-market trading to 30 U.S. cents, after ending regular trade at 66 cents on the Nasdaq.
MEXICO CITY (Reuters) - Carlos Slim's America Movil, Latin America's biggest telecoms company, said on Monday that new regulation in its core Mexico market was beginning to weigh on its performance.
Lower exchange rate and financing costs helped the company increase its profit by 32.7 percent to 18.83 billion pesos ($1.45 billion) in the second quarter. Revenue also rose 4 percent to 202.63 billion pesos.
But the results were below expectations forecast in a Reuters poll of five analysts of a net profit of 20.74 billion pesos ($1.6 billion).
(Reuters) - Spain's Telefonica SA is in talks to sell its stake in Telecom Italia in a move that could ease regulatory pressure in Brazil's wireless market, Brazilian newspaper Folha de S.Paulo reported on Friday.
Telefonica is negotiating a deal with investment funds to sell its stake in Telecom Italia, the paper reported, without saying how it obtained the information. Telefonica is left with a nearly 15 percent direct stake in the Italian company after fellow investors voted to dismantle their controlling bloc.
SAO PAULO (Reuters) - Two Brazilian board members of Portugal Telecom resigned after learning of 897 million euros ($1.22 billion) of short-term investments the company made without consulting them, newspaper Valor Economico reported on Wednesday.
The Portuguese company invested in debt issued by Rioforte, a firm controlled by the owners of Espirito Santo Group, which is a major shareholder in Portugal Telecom.