Spain's Telefonica denies preparing joint bid for TIM Brasil

MADRID Mon Jan 6, 2014 1:57am EST

MADRID Jan 6 (Reuters) - Spanish telecoms group Telefonica said on Monday it was not part of a vehicle studying a potential joint offer for Brazilian wireless operator TIM Brasil, a unit of Telecom Italia, and had no details of such a deal.

Telefonica owns 15 percent of Telecom Italia and has a stake in another Brazilian mobile network, Vivo.

An Italian newspaper reported last week that Telefonica was looking to set up a vehicle with rivals America Movil and Oi to take over TIM Brasil and break it up.

Telefonica said in a statement to Spain's stock market regulator it was analysing the possibility of taking legal action after recent "unreasonable" remedies imposed by Brazil's anti-trust body CADE.

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