Brazil antitrust watchdog Cade ruled on Wednesday that Spain's Telefonica SA must exit its direct and indirect stake in wireless carrier TIM Participa��es SA or seek a new partner for its Vivo mobile phone unit.In a meeting that took place at the regulator's headquarters in Brasilia, directors at Cade also ruled that a new partner for Vivo, Brazil's largest mobile phone carrier and part of Telefonica Brasil SA, will not be allowed to own a stake in another rival in Brazil.Wednesday's ruling, which is definitive, gave a strong indication that the approval of Telefonica's stake increase in Telecom Italia SpA - TIM Brasil's parent company - faces serious challenges in Brazil. Cade's decision addressed Telefonica's failure to meet a so-called performance agreement signed in 2010 by which the company agreed not to participate in TIM Brasil's management decisions or raise its stake in Telecom Italia.In addition to ordering the Spanish company to exit its stake TIM Brasil, Cade imposed a 15 million reais ($6.3 million) fine on Telef�nica for increasing its stake in Telco, which owns 22.4 percent of Telecom Italia SpA - TIM Brasil's parent company.
Telefonica SA is a Spain-based company active in the telecommunications and digital services sectors. Shares of TEF fell by 0.38% or $-0.06/share to $15.86. In the past year, the shares have traded as low as $12.31 and as high as $18.05. On average, 1269880 shares of TEF exchange hands on a given day and today's volume is recorded at 916364.
Shares of TI traded higher by 0.98% or $0.09/share to $9.25. In the past year, the shares have traded as low as $6.20 and as high as $10.30. On average, 299431 shares of TI exchange hands on a given day and today's volume is recorded at 174701.
Shares of TI-A fell by 0.82% or $-0.06/share to $7.29. In the past year, the shares have traded as low as $4.86 and as high as $8.72. On average, 71088 shares of TI-A exchange hands on a given day and today's volume is recorded at 48165.
Telefonica Brasil SA, formerly Telecomunicacoes de Sao Paulo SA - Telesp, is a Brazil-based company engaged in the telecommunications sector. Shares of VIV traded higher by 1.92% or $0.35/share to $18.56. In the past year, the shares have traded as low as $18.12 and as high as $27.71. On average, 1588010 shares of VIV exchange hands on a given day and today's volume is recorded at 1315916.
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