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 decision at a meeting in Brasilia, the agency's board of directors 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.
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 880837.
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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