October 31, 2014 / 2:55 PM / 5 years ago

TIM Participações, controlling shareholder not aware of rival bid

SAO PAULO, Oct 31 (Reuters) - TIM Participações SA, the Brazilian wireless carrier controlled by Telecom Italia SpA, is not aware of any attempt by its three rivals in the country to place a bid for it and break it up.

In a securities filing unveiled on Friday, TIM said neither Telecom Italia nor its board of directors are involved in talks regarding a potential sale of the company. The parties are not aware of any agreement between rivals Mexico’s America Movil SAB, Spain’s Telefonica SA and Brazil’s Grupo Oi SA to purchase TIM Participações, the filing added.

Brazilian newspaper Folha de S. Paulo reported, without saying how it obtained the information, that Telefonica, Oi and America Movil agreed in principle to pay 31.5 billion reais ($13.1 billion) for TIM. The accordm, however, is far from finalized, the paper said. (Reporting by Guillermo Parra-Bernal)

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