Telecom Italia shares soar Brazilian unit report
MILAN Oct 9 (Reuters) - Shares in Telecom Italia extended gains in late afternoon trade on Wednesday, rising 7 percent in the wake of a Bloomberg report saying the Italian phone company was seeking at least $12 billion for its controlling stake in Brazil's Tim Partecipacoes.
A disposal of Telecom's 67 percent stake in the Brazilian company would value Tim Partecipacoes at $18 billion, a 50 percent premium to its current market value.
Telecom's shares were already rising on expectations of asset sales, shrugging off a rating downgrade to junk by Moody's.
At 1450 GMT the stock traded at at 0.6590 euros.
(Reporting by Sabina Suzzi; writing by Francesca Landini)
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