Telecom Italia says knows nothing of Oi initiative on TIM Brazil

miércoles 27 de agosto de 2014 16:38 GYT

MILAN Aug 27 (Reuters) - Telecom Italia, Italy's biggest phone group, said in a statement on Wednesday it had not been contacted by Brazil's Grupo Oi over its plans to take over Telecom Italia's local unit TIM Participacoes .

Earlier in the day, Oi had said in a statement it had hired bank BTG Pactual to explore the possibility of acquiring Telecom Italia's 67 percent stake in the unit.

Telecom Italia said in a statement late on Wednesday it was "completely extraneous" to the OI initiative, about which it knew nothing. It also said that TIM Brazil was a strategic asset.

The statement came at the end of a board meeting during which Telecom Italia discussed the possibility of making an offer for Vivendi's Brazilian broadband unit GVT. (Reporting by Lisa Jucca)