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 Participa��es 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 Participa��es, Brazil's No. 2 wireless carrier, said the first source, who requested anonymity as the deal is still in the works.A bid could be presented within two weeks, both sources noted. The first source said Oi, America Movil and Telefonica are confident their offer won't meet too much resistance from antitrust and industry watchdogs in Brazil. The bid implies a 5 percent premium for controlling and minority shareholders of TIM, the first source noted.Telecom Italia, whose board meets on Nov. 6 to examine its quarterly results, had yet to receive any offer for TIM, Chairman Giuseppe Recchi said on Friday. The Rome-based company has repeatedly said Brazil remains a strategic market, but it would consider selling TIM if a highly priced offer is made.
Oi SA, formerly Brasil Telecom SA, is a Brazil-based holding company engaged in the provision of Switched Fixed-line Telephony Services (STFC) domestically and internationally. Shares of OIBR traded higher by 4.48% or $0.0224/share to $0.52. In the past year, the shares have traded as low as $0.40 and as high as $1.97. On average, 11540800 shares of OIBR exchange hands on a given day and today's volume is recorded at 22956182.
Shares of OIBR-C traded higher by 4.46% or $0.0232/share to $0.54. On average, 0 shares of OIBR-C exchange hands on a given day and today's volume is recorded at 1304084.
Telefonica SA is a Spain-based company active in the telecommunications and digital services sectors. Shares of TEF traded higher by 1.91% or $0.28/share to $14.97. In the past year, the shares have traded as low as $13.76 and as high as $17.63. On average, 1065450 shares of TEF exchange hands on a given day and today's volume is recorded at 881431.
Shares of TI traded higher by 3.13% or $0.34/share to $11.21. In the past year, the shares have traded as low as $8.80 and as high as $13.54. On average, 145292 shares of TI exchange hands on a given day and today's volume is recorded at 69637.
Shares of TI-A traded higher by 2.57% or $0.222/share to $8.85. In the past year, the shares have traded as low as $7.05 and as high as $10.62. On average, 43758 shares of TI-A exchange hands on a given day and today's volume is recorded at 34498.
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