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TIM Participacoes hires Bradesco but won’t confirm Oi bid

TIM Participacoes has hired investment bank Bradesco to help it explore strategic options in an appointment that the operator has described as “routine”.

However, the second-placed Brazilian operator refused to confirm that Bradesco would help it prepare a bid for Oi, saying that the appointment “did not constitute a mandate to evaluate a bid to buy Oi”.

With consolidation likely afoot in the Brazilian market, it has been suggested by several industry observers – among them Bloomberg – that TIM is attempting an acquisition of fourth-placed integrated operator, Oi.

In fact, Bloomberg has also reported that Oi hired Banco BTG Pactual for the same purpose – i.e. advise about a potential acquisition of Telecom Italia’s stake in TIM Participacoes. Oi is believed to be looking for a partner to launch this bid.

Earlier this week, Oi CEO Zeinal Bava resigned in a move that could see the operator’s in-progress merger with Portugal Telecom fall through. This would allow Oi to focus on consolidation within the Brazilian market.

 

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