Telecom Italia announces creation of procedure to regulate the potential sale of its stake in TIM Brasil
TIM Brasil (Bovespa: TIMP3), Brazil’s second-largest mobile telephone service provider and Telecom Italia’s (TI) subsidiary, announced today that TI issued a notice to the market regarding the creation of procedures to regulate the potential sale of its stake in TIM Brasil. The announcement noted that TI's board of directors received preliminary material concerning the procedures on 16 January.
According to the TIM Brasil announcement, TI’s notice reads as follows:
The board of directors received the results of studies conducted by the directors with the aim to establish a procedure to manage any extraordinary transaction related to TI’s participation in Grupo TIM Brasil companies.
The document was unanimously approved and is being published on the company’s website. The procedure regulates the process of research and decision-making for any transaction that may result in the transference, for any entity other than TI, of its shares in Grupo TIM Brasil. The procedure also applies to potential transactions involving assets or business sectors for a value exceeding EUR 2bn.