Opposition to TIM Brasil Sale Is Low, Bernstein Says
Opposition to a sale of TIM Brasil is low, providing that Telecom Italia agrees to invest in Italian infrastructure, Bernstein says. Says potential change in law requiring Telefonica to make a full bid for TI, means TEF will likely seek to de-risk TI, should it have to bid sooner than intended NOTE: TEF paid EU861m to boost its stake in TI in Sept. A capital increase of about EU2b likely to be announced after TI’s Nov. 7 board meeting, Bernstein says Says a mandatory convertible, bought by TEF, would be a better outcome for TI shareholders than a rights issue