Brazil watchdog urges Telefonica to exit stake in TIM Brasil

BRASILIA Wed Dec 4, 2013 4:54pm EST

BRASILIA Dec 4 (Reuters) - Brazil antitrust watchdog Cade ruled on Wednesday that Spain's Telefonica SA must exit its direct and indirect stake in wireless carrier TIM Participações SA or seek a new partner for its Vivo mobile phone unit.

In a decision at a meeting in Brasilia, the agency's board of directors also ruled that a new partner for Vivo, Brazil's largest mobile phone carrier and part of Telefonica Brasil SA , will not be allowed to own a stake in another rival in Brazil.

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