SAO PAULO: Egyptian billionaire Naguib Sawiris plans to bid for Brazilian wireless carrier TIM Participações SA, according to a newspaper interview published yesterday, adding pressure to a delicate standoff between two European telecom giants.
Sawiris told Folha de S Paulo that Spain’s Telefonica SA has pushed TIM Brasil’s parent company, Telecom Italia SpA, to break up the Brazilian unit and sell it to local players including Telefonica Brasil. “That is an idea defended by Telefonica on the board of Telecom Italia and I am vehemently against it, because it will devalue not just Telecom Italia shares, but also the assets of all the parts,” said Sawiris, a minority shareholder of the Italian company.
TIM Brasil, Telecom Italia, and Telefonica did not immediately respond to requests for comment.
Reuters
