Telefonica SA must determine how to reduce its presence in Brazil to comply with an antitrust ruling, which said its move to boost its influence over Telecom Italia SpA undermines competition in the South American country’s telecommunications market.
Telefonica SA must reduce its influence in Brazil’s phone business, the country’s antitrust regulator said, either by reducing its holdings or by persuading partner Telecom Italia SpA to sell its local unit.
Tim Participacoes SA, the Brazilian telecommunications carrier providing the best return this year, can thrive on its own and fight growing pressure to sell the company, said Chief Executive Officer Rodrigo Abreu.
Emerging-market advanced, trimming the biggest monthly slide since June, after better-than- estimated U.S. data bolstered optimism about global growth. Russia’s ruble tumbled to the lowest level in four years.
Telecom Italia SpA is working with Morgan Stanley to sound out interest in its mobile-phone towers in Brazil from potential bidders such as American Tower Corp., according to people familiar with the matter.
Royal KPN NV, whose talks with Carlos Slim’s America Movil SAB over its 7.2 billion-euro ($9.7 billion) takeover offer broke down last month, sees the Mexican carrier holding on to its stake in the Dutch company.