Brazil's Tim Participacoes Advances Most in Two Months on Acquisition Bets
Tim Participacoes SA, the Brazilian wireless unit of Italy’s largest phone company, rose the most in two months in Sao Paulo trading amid speculation the company may be a takeover target.
Preferred shares jumped 5.2 percent, the most since May 27, to 5.50 reais at the close of trading at 4 p.m. New York time. The less-traded common, or voting, stock surged 12 percent to 8 reais, for the biggest gain since January 2009.
After Portugal Telecom SGPS SA’s investment in Telemar Norte Leste SA and Telefonica SA’s takeover of Vivo Participacoes SA, investors are betting Tim will be the next target for acquisition, said Rosangela Ribeiro, an analyst at SLW Corretora in Sao Paulo.
“Within this consolidation process, Tim is now most exposed to being a target,” Ribeiro said. “There’s nothing concrete, nothing official.”
Vodafone Group Plc hired an investment bank to study the possibility of buying a stake in Tim, O Estado de S. Paulo newspaper reported today, without saying where it got the information.
Simon Gordon, a spokesman at Vodafone in London, declined to comment on the report when Bloomberg News called for comment. A Tim spokeswoman, who asked not to be named in line with company policy, also refused to comment.
Tim is the Brazilian unit of Telecom Italia SpA.
To contact the reporter on this story: Alexander Cuadros in Sao Paulo at acuadros@bloomberg.net
Rate this Page