Telecom Italia awaits Brazil's green light to start M&A talks - sources

miércoles 4 de febrero de 2015 09:42 GYT

* Telecom Italia has not set aside Oi takeover ambition

* Key hurdle of licence expiry could be resolved by summer

* CEO to update board about Brazil scenario on Thursday

By Danilo Masoni

MILAN, Feb 4 (Reuters) - Italian phone group Telecom Italia will wait for a green light from the Brazilian government before starting talks to acquire local rival Oi , two people with knowledge of the matter told Reuters.

After meetings in Brasilia with the communication and the industry ministers last week, CEO Marco Patuano will update the Italian group's board about the Brazilian situation on Thursday at a meeting called to review the group's new strategy plan.

In November, Telecom Italia asked Patuano to examine the feasibility of merging its unit TIM Participacoes with Oi to create Brazil's No. 1 phone operator.

Investors are keen to know the result of the review.

"A signal from the government is needed to start any direct talks with Oi," one of the sources said on Wednesday.   Continuación...