Antitrust authority Cade has given Telefonica 18 months to comply with a resolution requiring them to loosen their grip on mobile in Brazil or divest their stake in Telecom Italia.
Three sources familiar with the matter told Reuters. As part of the Telco agreements, the shareholders indicate the possibility of solution of the antitrust problems in South America, as a condition for the increase of Telefonica's stake in Telecom Italia.
The deals expire in February 2015, with a possibility of exit in the summer of next year. Telco, which controls 22,4% of Telecom Italia, is owned, in terms of voting rights, by Telefonica with 46,18%, by Intesa Sanpaolo and Mediobanca with 11,62% each and by Generali with 30,58%.
On December 4, Cade decided on a fine against Telefonica, because he believes that the Telco agreement of September 24 will increase its influence over Telecom Italia and therefore over its subsidiary Tim Brasil, says a note from Cade.
At the beginning of the afternoon, Telecom Italia was still in negative territory in Piazza Affari, where it lost 0,44% a 0,685 euro.
