Mexico's America Movil SAB, Spain's Telefonica SA and Brazil's Grupo Oi SA agreed to bid for TIM Participa��es SA then to break up Brazil's second-largest wireless carrier, newspaper Folha de S. Paulo reported on Friday.Folha reported without attribution that the accord between the three companies is far from finalized, but they agreed in principle to pay 31.5 billion reais ($13.1 billion) for TIM, Telecom Italia SpA's Brazilian unit. That price includes a 5 percent premium to controlling and minority shareholders of TIM, the paper added.Telecom Italia has not received any offer to sell TIM Participa��es, Telecom Italia Chairman Giuseppe Recchi said in a statement on Friday.Investment banking firm Grupo BTG Pactual SA is handling the transaction. A formal offer will be made to shareholders of Telecom Italia, which owns about two-thirds of TIM Participa��es, the paper said.
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 8.81% or $0.0405/share to $0.50. 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 6938836.
Shares of OIBR-C traded higher by 8.33% or $0.04/share to $0.52. On average, 0 shares of OIBR-C exchange hands on a given day and today's volume is recorded at 483623.
Telefonica SA is a Spain-based company active in the telecommunications and digital services sectors. Shares of TEF fell by 0.2% or $-0.03/share to $14.69. 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 1265835.
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