Brazil's government will only decide on the fate of wireless carrier TIM Participa��es SA after its parent company's shareholders resolve a dispute over the participation of rival Telefonica SA in its capital, Communications Minister Paulo Bernardo said late on Tuesday. Shareholders of Telecom Italia SpA, which controls TIM Participa��es, may decide on Friday to oust Telecom Italia's board. The shareholder vote is crucial for the future strategy of Telecom Italia and its position in Brazil, where it is a direct competitor to Telefonica.This month, Brazilian antitrust watchdog Cade ruled that Telefonica had to exit its indirect stake in TIM Participa��es or seek a new partner for its Vivo mobile phone unit. Bernardo, speaking to reporters in Brasilia, said no decision on the Telefonica-TIM Participa��es situation would occur before Telecom Italia's situation is resolved."The truth is, we won't decide anything until the matter is discussed and decided in Italy," Bernardo said.The minister's remarks are a signal that Brazil's government will wait to decide on the implications of a deal that could lead TIM Participa��es to be split or sold to a rival, triggering a massive rearrangement of the nation's telecommunications market.
Telefonica SA is a Spain-based company active in the telecommunications and digital services sectors. Shares of TEF fell by 0.77% or $-0.12/share to $15.52. In the past year, the shares have traded as low as $12.31 and as high as $18.05. On average, 1214540 shares of TEF exchange hands on a given day and today's volume is recorded at 606014.
Shares of TI fell by 2.0% or $-0.19/share to $9.31. In the past year, the shares have traded as low as $6.20 and as high as $10.30. On average, 279852 shares of TI exchange hands on a given day and today's volume is recorded at 86457.
Shares of TI-A fell by 0.53% or $-0.04/share to $7.46. In the past year, the shares have traded as low as $4.86 and as high as $8.72. On average, 59761 shares of TI-A exchange hands on a given day and today's volume is recorded at 44945.
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