Telecom Italia examines future for Tim Brasil

Telecom Italia’s board advanced scrutiny of its 67% holding in Tim Brasil on Thursday, adopting a framework that could potentially lead to the sale of the Brazilian business. The procedural document was approved by the board on Thursday, and could also apply to asset sales of more than €2bn. Telecom Italia has not unveiled plans to divest its Brazilian unit and last month said that there were no “projects, negotiations or offers on the matter”. However, after its January meeting, the board said that it had advanced with an “in-depth analysis of the Brazilian business”, which led to media reports about a possible sale.