Brazil TIM Shares Decline On Telecom Italia Sale Denial
TIM shares were 6.2% lower at 3.48 reals ($1.45) on the Brazilian Stock Exchange, or Ibovespa, while the benchmark Ibovespa index was 2.2% lower.
In a presentation to analysts Wednesday, Telecom Italia executives said the company wouldn't sell its core assets in Brazil and Italy as part of plans to reduce debts.
The announcement threw water on ideas Telecom Italia could be open to bids from rivals such as Spain's Telefonica (TEF).
-By Alastair Stewart; Dow Jones Newswires; 5511 2847-4520; alastair.stewart@dowjones.com
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(END) Dow Jones Newswires
December 03, 2008 10:14 ET (15:14 GMT)
Publié le 03 Décembre 2008 Copyright © 2008 Dowjones
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