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SAO PAULO, Oct 27 (Reuters) - Updated regulations in Brazil will determine whether wireless carrier TIM Participações SA considers a tie-up with a local rival, the chief executive officer of controlling shareholder Telecom Italia SpA said on Tuesday.
Asked at an industry event about a proposal to merge TIM and Oi SA, which has a nationwide fixed-line network, CEO Marco Patuano said new regulations would clear the way for the heavy investments needed in any fixed-line opportunity.
Russian investment firm LetterOne Group offered on Monday to invest up to $4 billion into Oi if it combines with TIM. Patuano said Telecom Italia is not in negotiations with any of them. (Reporting by Luciana Bruno; Writing by Brad Haynes)