January 16, 2014 / 3:36 PM / in 4 years

Telecom Italia special committee to evaluate any Brazil unit sale

MILAN, Jan 16 (Reuters) - Telecom Italia will set up a special committee to evaluate any offer for TIM Brasil but at the moment there is no bid for its prized Brazilian unit, board member Tarak Ben Ammar said on Thursday.

“There is no offer, no proposal,” he said on Thursday on his way out of a Telecom Italia board meeting in Milan.

Wireless carrier TIM Brasil is Telecom Italia’s main source of revenue growth but has become the focus of a shareholder dispute over how the Italian telecoms group should cut debt and fund much-needed domestic investment.

Ben Ammar also said he expected the next board of directors would be appointed under current governance rules, whereby the list of board member candidates receiving the most votes at a shareholder meeting gets four-fifths of the seats.

Telecom Italia is controlled by a vehicle owned by Spain’s Telefonica together with Italian financial companies Generali, Intesa Sanpaolo and Mediobanca .

Asked about a $40 billion price tag given to TIM Brasil by rebel investor Marco Fossati, Ben Ammar said: “If only.” (Reporting by Stefano Rebaudo, writing by Danilo Masoni, editing by Isla Binnie)

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