Telecom Italia down after Telefonica denial on Tim Brasil

MILAN Mon Jan 6, 2014 3:18am EST

MILAN Jan 6 (Reuters) - Shares in Telecom Italia fell on Monday after Spain's Telefonica denied a media report of a potential joint offer for TIM Brasil, a unit of the Italian phone company.

Shares in Telecom Italia gained 7 percent on Friday, lifted by a report in the Italian press that Telefonica was considering taking over TIM Brasil with its two main rivals on the Brazilian mobile market in order to then break it up.

Shares in Telecom Italia were down 0.6 percent by 0818 GMT against a 0.8 percent rise in Italy's leading stock index .

(Reporting by Francesca Landini, editing by Valentina Za)

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