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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.