Spain telecom giant Telefonica shot down rumors it was headed towards a joint buyout bid to acquire Brazil-based Tim this week, say reports.
Telefonica denied Monday any plans to make an offer for Tim, owned by Telecom Italia, rumored to be in the works with Brazil-based competitors America Movil and Oi. The firms were said to be planning a joint acquisition to subsequently break up Tim Brasil.
But Telefonica denied even discussing such a deal with Brazil competition authority CADE.
Telefonica is under intense scrutiny by CADE as it plans to eventually acquire investment vehicle Telco, giving Telefonica ownership of Telecom Italia and, as a result, Tim Brasil.