E' stato smentito da Telecom, ma qui si parla di una cosa pensata dal Governo Brasiliano e non necessariamente desiderata da Telecom.
In prima battuta e a naso, se Telecom scendesse sotto il 50% (o comunque perdesse il controllo) in TIM Brasil+Vivo, non potrebbe consolidare in bilancio i ricavi e margini se non per la parte proquota, e sarebbe una grave perdita. Se Telefonica gestisse le partecipazioni in modo da assicurarsi un controllo, potrebbe viceversa consolidare.
Move would be possible following rule change brought about by Oi/Brasil Telecom merger.
The Brazilian government may consider allowing a merger of the country's two major cellphone operators, Vivo Participacoes and TIM Participacoes, as part of rule changes brought about by a proposed merger of rivals Tele Norte Leste Participacoes and Brasil Telecom Participacies, local newspaper O Estado de Sao Paulo reported Thursday.
Without citing sources, the report said the government may cede to pressure to apply the same rules to the wireless companies as to the locally-controlled firms.
Vivo is jointly controlled by Spain's Telefonica and Portugal Telecom, while TIM is owned Telecom Italia SpA.
In April, Telefonica took a key stake in the control of Telecom Italia. In October, Brazilian Telecommunications Agency, or Anatel, approved the deal, but demanded that Vivo and TIM operations and infrastructure be kept completely separate.
However, the Brazilian government is supporting a proposed merger of Oi and Brasil Telecom to create a strong Brazilian-owned telecom to compete with Telefonica and America Movil on a regional basis.
The measure would aid Telefonica, which is looking to take control of Vivo. A merger of Vivo and TIM's infrastructure and operations would produce significant savings, economies of scale and competitive advantages.
Vivo is Brazil's biggest wireless operator with 27.7% of the market, while TIM is No. 2 with 25.8% of the market.
Communications Minister Helio Costa has supported the idea of changing telecommunications rules for the whole sector.
President Luiz Inacio Lula da Silva would have to change telecommunication rules for the Oi, Brasil Telecom deal to go through.
Thanks Steve.
