Shares in Telecom Italia rise as Grupo Oi eyes its Brazil unit

miércoles 27 de agosto de 2014 03:15 GYT
 

MILAN Aug 27 (Reuters) - Shares in Telecom Italia rose in early trade on Wednesday after Brazil's telecommunications company Grupo Oi said late on Tuesday it hired an adviser on a plan to win control of the Italian group's Brazilian unit.

In a securities filing, Oi named bank BTG Pactual as a "commissioner" to find potential alternatives to buy the stake that Telecom Italia SpA has in local carrier TIM Participacoes SA.

The Italian phone incumbent is expected to make a bid valued at roughly 7 billion euros for Vivendi's Brazilian broadband unit GVT at a board meeting on Wednesday.

At 0708 GMT shres in Telecom Italia were up 3.53 percent, outperforming Milan's bluechip index, which was almost flat. (Reporting by Francesca Landini)