Telecom Italia reportedly wants $12.2B for Brazilian unit stake

|About: Telecom Italia S.P.A. (TI)|By:, SA News Editor

Bloomberg reports Telecom Italia (TI +7.5%) is indeed trying to sell its 67% stake in Brazil's TIM Participacoes (TSU +6.6%), and wants at least €9B ($12.2B) for it. TI's efforts are said to be in their early stages; no banks have been hired yet.

TI and TIM are rallying, and so is Telefonica (TEF +1.9%), which is set to own 22.4% of TI and has been pushing for a TIM sale.

The report comes a day after Moody's cut TI's senior debt rating to junk; selling TIM would do much to shore up TI's balance sheet.