Telecom Italia says knows nothing of Oi initiative on TIM Brazil
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)
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