Brazil watchdog urges Telefonica to exit stake in TIM Brasil

BRASILIA (Reuters) – Brazil antitrust watchdog Cade ruled on Wednesday that Spain’s Telefonica SA must exit its direct and indirect stake in wireless carrier TIM Participações SA or seek a new partner for its Vivo mobile phone unit. In a decision at a meeting in Brasilia, the agency’s board of directors also ruled that a new partner for Vivo, Brazil’s largest mobile phone carrier and part of Telefonica Brasil SA, will not be allowed to own a stake in another rival in Brazil. (Reporting by Leonardo Goy; Writing by Guillermo Parra-Bernal; Editing by Gary Hill)

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