TIM Participações S.A. (TSU) - NYSE
  • Thu, Jul. 14, 5:36 PM
    • Top gainers, as of 5.25 p.m.: CALA +3.2%. RARE +2.9%. WBAI +2.5%. RFP +1.8%. KURA +1.5%.
    • Top losers, as of 5.25p.m.: AU -3.9%. SBGL -3.8%. SSRI -1.9%. DB -1.5%. TSU -1.4%.
    | Thu, Jul. 14, 5:36 PM
  • Fri, May 13, 7:48 PM
    • Recently under new leadership, Telecom Italia (TI -0.3%) says it's tripling its target for cost cuts, to save €1.6B (about $1.8B) by 2018.
    • That will be evenly divided between operating cuts and capital expenditures, the company said in a late Friday earnings filing.
    • EBITDA fell 16% to €1.71B, short of consensus for €1.81B, and revenues fell 12% to €4.4B, short of expectations for €4.48B in sales.
    • CEO Flavio Cattaneo -- who took over in March for Marco Patuano, who clashed with the growing ownership of top shareholder Vivendi (OTCPK:VIVHY -1.5%) -- is pushing to increase profitability at the Italian incumbent carrier, as well as resolve the company's challenges in Brazil.
    • TIM Participaçoes (TSU -4.7%), its unit in Brazil, saw revenues decline nearly 16% this quarter amid the country's deep recession and hot competition against Telefonica Brasil (VIV -2.5%). Stefano De Angelis is taking over as TIM's CEO from Rodrigo Abreu.
    • Patuano was reportedly inclined to want to hold on to the TIM unit, while Vivendi has actively pushed for a sale.
    • After hours: TI +0.3%; TSU -0.2%.
    • Now read Is The Deal With Vivendi A Positive Sign For Mediaset? »
    | Fri, May 13, 7:48 PM
  • Thu, Apr. 21, 10:57 AM
    • Vivendi (OTCPK:VIVHY -2%) is actively pushing Telecom Italia (TI -0.1%) toward a sale of its Brazilian unit, TIM Participaçoes (TSU +1.8%), sources tell CTFN.
    • The French media giant's stance on TIM was a clear catalyst for the March departure of Marco Patuano as TI's chief executive, as Patuano was inclined to hold on to the business.
    • A series of machinations over the past year took place around the possible merger of TIM with debt-laden carrier Oi (OIBR -3.5%) before the prospects of a deal imploded.
    • An M&A lawyer said that when Vivendi inherited its Telecom Italia stake in 2014 (via its sale of broadband company GVT to Telefonica), it was already expressing an interest in getting out of Brazil and taking charge of TI as a media platform.
    • Rivals Telefonica Brasil (VIV -0.2%) and Claro (AMX +1.5%) aren't likely candidates to take over TIM due to regulatory issues. Oi is surely a candidate again, but more desperate for a move than TIM. Brazil might go for a bid from someone like Vodafone (VOD -0.8%), though.
    • Now read Oi's Debt Restructuring: A 4-Player Chess Game »
    | Thu, Apr. 21, 10:57 AM | 4 Comments
  • Thu, Mar. 10, 10:31 AM
    • Struggling Brazilian telecom Oi (OIBR -5.8%) has hired PJT Partners as a strategic adviser, just a month after plans to merge it with another telecom fell apart.
    • PJT will help "evaluate strategic and financial alternatives to optimize its liquidity and debt profile," Oi said in a filing. A ballyhooed effort to combine the debt-ridden carrier with rival TIM Participações (NYSE:TSU) came to an end last month as TIM owner Telecom Italia rejected further discussions.
    • Oi bonds tumbled and its stock is at its lowest point in decades. After deal talks dissolved, Oi said it would look for other consolidation options and keep streamlining its size of operations, improve infrastructure and revamp its sales approach.
    • Previously: Oi hiring advisers to renegotiate $3.3B in debt (Mar. 02 2016)
    • Previously: Brazil's Oi tanks, -15.7%, as TIM merger plans implode (Feb. 25 2016)
    | Thu, Mar. 10, 10:31 AM
  • Mon, Mar. 7, 7:07 PM
    • After reports emerging from a key strategy meeting with Vivendi (OTCPK:VIVHY -0.4%) last week, Telecom Italia (TI -3.6%) chief Marco Patuano says he's never been asked to sell the company's Brazilian business.
    • "Vivendi wants to sell Brazil" -- TIM Participaçoes (TSU -1.5%), the company's Brazilian unit -- "and Patuano does not," a source told Reuters last week.
    • Speaking to Il Soe 24 Ore, Patuano says he never received a request and he continued to believe in the Brazilian operation despite that country's recession.
    • On the implosion of a possible merger with Oi, Patuano said the company's stance on roles was far from that of LetterOne's Mikhail Fridman, trying to make a deal happen. TI expected to be the "industrial leader" of a merged group.
    • As for tensions with Vivendi, which has assembled a large stake in the telecom and might replace him, Patuano says "Managers always respond with their performance and shareholders are always sovereign."
    • Previously: Reuters: Telecom Italia pursuing Metroweb network deal within weeks (Mar. 04 2016)
    • Previously: Vivendi, Telecom Italia chief on tense course over strategy alignment (Mar. 04 2016)
    | Mon, Mar. 7, 7:07 PM
  • Fri, Mar. 4, 4:30 PM
    • With Vivendi (OTCPK:VIVHY -0.4%) throwing its weight around in a new strategy -- buying up shares of game makers Ubisoft and Gameloft, and of Italian communications incumbent Telecom Italia (TI +2.8%) -- the heat is on TI chief Marco Patuano to get on board the strategy that Vivendi tycoon Vincent Bollore is pursuing.
    • Shares of TI are up 10.5% since Wednesday's strategy meetings between Patuano and Vivendi execs, among speculation that change is coming whether Patuano continues to lead or not.
    • A 26-year veteran of the company, Patuano has increased spending on network infrastructure but has had to navigate a tricky mix of shareholders and government. Italy considers the company of strategic interest to the state, potentially complicating a move in from a French billionaire.
    • Tensions were present from the time Vivendi first took its stake, and they may be intensifying as Vivendi's stake grows. Patuano struck the deal to sell off TI's control of Telecom Argentina (TEO +0.6%) and spun off its cell towers in a series of moves to address debt, but "Vivendi wants to sell Brazil" -- TIM Participaçoes (TSU +4.8%), the company's Brazilian unit -- "and Patuano does not" since he sees it as strategic, a source tells Reuters.
    • Vivendi has built its stake to 23.8%, but has just four of 17 board members at present.
    | Fri, Mar. 4, 4:30 PM
  • Wed, Mar. 2, 5:34 PM
    • With the kibosh on an in-country merger, and laden with liabilities, Brazilian telecom Oi (OIBR +3.5%) has hired PJT Partners and Rothschild Group to refinance about 13B reais of debt (about $3.34B) that's coming due by the end of next year, Reuters reports.
    • The company will reportedly first try extending maturities. Rothschild, already assisting Oi since last year, will work with local lenders while PJT talks to bondholders.
    • A long-discussed merger with TIM Participaçoes (TSU +1.3%), the local arm of Telecom Italia (TI +1.1%), was seen as a lifeline for the struggling company. But the implosion of those talks sent Oi's equity and bonds sinking, and the company has about 35B reais ($9B) in net debt.
    • Oi ADRs have lost 24% of value over the past month.
    • After hours: TSU -1.1%; TI -1.5%.
    • Previously: Brazil's Oi tanks, -15.7%, as TIM merger plans implode (Feb. 25 2016)
    | Wed, Mar. 2, 5:34 PM
  • Thu, Feb. 25, 1:26 PM
    • Brazilian telecom Oi (NYSE:OIBR) is down 15.7% -- and Telecom Italia (NYSE:TI) up 3.6% -- after the Italian carrier rejected a plan to merge Oi with its TIM Participações unit (TSU -0.4%).
    • "L1 Technology has been informed by TIM that ... it does not wish to enter into further discussions, about the facilitation of a merger between Oi and TIM in Brazil," wrote LetterOne, the investment firm run by Russian billiionaire Mikhail Fridman that had exclusive rights to pursue the tie-up until May 23.
    • Along with tumbling equity, Oi's bonds have taken a fall. The company's 2020s were down 14 points, and 2022s down 11 points.
    • Oi had counted on the deal to stay afloat amid massive debt; Fitch had previously said that failing to merge with TIM could drop Oi's bonds into single B ratings.
    • Oi says in a filing that it will continue to consider consolidation options and keep streamlining its size of operations, improve infrastructure and revamp its sales approach.
    • Previously: Regulator: Brazil should start fresh on telecom rules (Feb. 18 2016)
    • Previously: Oi reportedly near deal for $1B in credit to pursue TIM merger (Jan. 19 2016)
    • Previously: Telecom Italia: No contact with Oi over TIM tie-up (Jan. 08 2016)
    | Thu, Feb. 25, 1:26 PM
  • Thu, Feb. 18, 6:49 PM
    • Brazil should scrap its telecom regulations and start fresh, rather than focusing on some dated rules for required landline service, says an official with the country's regulatory agency Anatel.
    • That stance would line up with public comments from principals at Telecom Italia (TI +2.9%) and its TIM Participações unit (TSU +0.3%), as well as Oi (OIBR -9.4%) -- all of whom said that Brazil needs looser rules before some much-needed industry consolidation.
    • A number of players have tried to merge Oi with TIM for some time, though many have complained that Brazil's requirements for landline spending (dating to 1998) are getting in the way.
    • That framework is outdated because most Brazilians have phones and can choose from competition, says Anatel's Igor Vilas Boas de Freitas. He's calling for the agency to create an entirely new plan with 40 days, which would then go to the Communications Ministry and President Dilma Rousseff for approval.
    • The commissioners also postponed a vote on whether Oi could keep part of the $1.1B it owes in fines to use for service improvements.
    | Thu, Feb. 18, 6:49 PM
  • Fri, Feb. 5, 12:19 PM
    • TIM Participações (NYSE:TSU) is 6.1% lower after Q4 earnings where revenue disappointed expectations after sliding more than 20%.
    • Revenues came in at 4.12B reais (about $1.05B), short of an expected 4.33B reais by about 4.9%. EPS of 0.19 reais beat consensus for 0.12 reais.
    • The company said it moved in 2015 to cover 411 cities with 4G, up from 45 in 2014, and 4G users reached more than 7M lines (about 11% of total). Smartphone penetration has hit 68% of its base, up from 2014's 49%.
    • In Mobile Services, data services now make up 38% of net revenue (up from 31% the prior year).
    • Capex for 2015 came to 4.7B reais (about $1.2B).
    • Press Release
    | Fri, Feb. 5, 12:19 PM
  • Fri, Jan. 8, 8:26 PM
    • The on-again, off-again stories around Brazil telecom mergers have taken their latest turn, as Telecom Italia (TI -2.5%) denied contact with Oi SA (OIBR +3.9%) amid rumors that the two companies had started talks about a tie-up.
    • "There are no contacts, neither formal nor informal, with Oi," the company has said in response to the reports.
    • Reuters reported yesterday that talks had begun over merging Oi with much-discussed marriage partner TIM Participações (TSU -6.2%), TI's Brazilian operation.
    • Prior to TI's denial, Reuters said talks were being led by TI's board and Oi chief Bayard Gontijo, with a focus on Brazilian regulations over mandatory fixed-line investments that present a hurdle to any merger.
    • Oi is the smallest of Brazil's big four competitors, with 18% share. TIM is No. 2, with a share of 26.3% and 71.9M customers.
    • After hours, TSU is up 3.9%, mitigating some of today's heavy decline.
    • Previously: Reuters: Telecom Italia has begun talks over merging Oi, TIM in Brazil (Jan. 07 2016)
    • Previously: Oi up 8.7% as it reaffirms BTG Pactual role in possible merger (Dec. 15 2015)
    | Fri, Jan. 8, 8:26 PM
  • Thu, Jan. 7, 3:44 PM
    | Thu, Jan. 7, 3:44 PM
  • Dec. 18, 2015, 3:41 PM
    • Brazil's TIM Participações (NYSE:TSU) has dipped to its day's low, -6.5%, and is now just 3.7% over its 52-week low as Goldman Sachs downgraded shares to Sell.
    • It's a bit of an outlier in an environment when many firms are recommending Holds amid merger uncertainty in the Brazilian telecom market.
    • Goldman had lowered its price target in September, to $11.50. Shares are trading at $8.68 today after slipping 20% over the past month.
    • Parent Telecom Italia (NYSE:TI) is off 2% today.
    • Previously: Telecom Italia: Open to TIM options, including Oi merger if it gets straight (Nov. 12 2015)
    | Dec. 18, 2015, 3:41 PM
  • Dec. 16, 2015, 5:38 PM
    • Top gainers, as of 5.25 p.m.: P +10.5%. BTE +7.7%. FIVE +6.0%. FDX +5.4%. TVIX +3.4%.
    • Top losers, as of 5.25p.m.: PIR -14.8%. HTCH -4.9%. NRG -3.2%. TSU -3.1%. CLLS -2.0%.
    | Dec. 16, 2015, 5:38 PM
  • Dec. 15, 2015, 2:22 PM
    • Vivendi's (OTCPK:VIVHY -0.3%) Vincent Bollore can claim victory in a critical meeting at Telecom Italia (TI +3.8%), after the French firm won its bid to gain four seats on the board and also succeeded in blocking the carrier's savings-stock conversion, which would have diluted voting stakes.
    • Vivendi's push to expand TI's board to 17 seats -- adding its Arnaud Roy de Puyfontaine and Stephane Roussel as directors -- gained 53% approval, with about 56% of TI's shares represented.
    • The French media conglomerate has built its stake to 20% and Bloomberg reported that it's open to going near 25% ownership. Meanwhile, French billionaire Xavier Niel has also assembled a stake in TI equivalent to just over 15%.
    • The move is likely to have ripples well beyond Telecom Italia, as Vivendi holds a different vision for the future of Brazilian unit TIM Participações (TSU +3.9%).
    • Aside from diluting the stakes of Vivendi and Niel, the savings-share conversion (of €5.5B) would have raised up to €573M to repay what has become a heavy debt load. "We lost an opportunity for the company," said Chairman Giuseppe Recchi.
    • TI shareholders did reject a Vivendi bid to free its representatives from signing non-compete clauses. TI's legal department will review the issue of having directors from a competitor on its board.
    • Previously: Vivendi pressing board case as Telecom Italia set to vote (Dec. 14 2015)
    • Previously: Vivendi: No plans for merger with Telecom Italia (Dec. 03 2015)
    | Dec. 15, 2015, 2:22 PM
  • Dec. 3, 2015, 2:54 PM
    • Cerberus Capital Management is taking an interest in a stake in debt collector Recovery do Brasil that's owned by Grupo BTG Pactual -- as well as in BTG Pactual's attempts to arrange a merger for struggling telecom Oi (OIBR -4.9%), Reuters reports.
    • The bank's sponsored Caravelas investment vehicle holds a near-8% stake in Oi, which various parties have considered marrying to TIM Participações (TSU +0.7%).
    • BTG Pactual's new management is hustling to sell assets in order to shore up capital after last week's arrest of founder Andre Esteves, and its stake in Recovery could bring 1.7B reais ($452M).
    • Cerberus may get involved in BTG Pactual's previous efforts toward an Oi/TIM tie-up. The bank is advising the company on strategic alternatives which include its talks with Mikhail Fridman's Letter One Investments.
    • Previously: Oi targeting small, mid-sized businesses to fight recession (Dec. 02 2015)
    • Previously: Telecom Italia: Open to TIM options, including Oi merger if it gets straight (Nov. 12 2015)
    | Dec. 3, 2015, 2:54 PM
Company Description
TIM Participações SA operates as a holding company, which provides wireless cellular telecommunication services. The company also provides private and public telephone services at both the local and regional levels. It offers wireless and fixed line telephone services, pre-paid mobile, post-paid... More
Sector: Technology
Industry: Wireless Communications
Country: Brazil