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Friday, November 21, 2014

Telecom Italia says to explore tie-up options between Brazil unit and Oi, (NYSE: AMT)

Telecom Italia said on Friday its management would explore a possible tie-up between its Brazilian mobile phone unit Tim Brasil and Oi. "The next steps, if there are to be any, will be submitted to the board for approval, following the opinion of the committee of independent directors," the group said in a statement after a board meeting.It said the board of Tim Brasil, in which Telecom Italia has a 67 percent stake, had approved the sale of its mobile phone towers to American Tower for over 900 million euros.Telecom Italia also said it had sent a proposal to infrastructure fund F2i to express its formal interest in starting discussions on the acquisition of a controlling stake in Italian fibre optic provider Metroweb.

American Tower Corporation is a holding company. The Company conducts its operations through its directly and indirectly owned subsidiaries and joint ventures. Shares of AMT traded higher by 1.38% or $1.39/share to $102.10. In the past year, the shares have traded as low as $75.65 and as high as $101.46. On average, 2023120 shares of AMT exchange hands on a given day and today's volume is recorded at 3030197.