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TSU vs. ETF Alternatives
Tim Participacoes SA is a Brazil-based company. It provides mobile telecommunications services. The Company uses the global system for mobile communication (GSM) to provide mobile telecommunications services throughout the Brazil.
Monday, Jan 611:07 AM
Monday, Jan 611:07 AM| Comment!
- Telefonica (TEF +0.2%) denies an Italian media report stating the carrier and Brazilian subsidiary Vivo (VIV -0.7%) are working with rivals America Movil (AMX +0.4%) and Oi (OIBR -1.7%) to acquire and break up Telecom Italia's (TI +0.1%) Brazilian unit, TIM Participacoes (TSU -1%). TIM and Oi are trading moderately lower today after flying higher on Friday in response to the report.
- Telefonica adds it hasn't talked with Brazil's antitrust regulator Cade about a deal. Reuters recently reported Cade has given Telefonica, which owns a large indirect stake in Telecom Italia, 18 months to lower its Brazilian market presence, either by cutting ties with TIM or finding a partner for Vivo.
- However, Cade reportedly prefers TIM to be sold in whole to a new market participant, rather than piecemeal to rivals. Telefonica, America Movil, and Oi would likely prefer that didn't happen, since it could spell competition from a major foreign carrier such as AT&T or Vodafone.
- Telefonica and others have been pressuring Telecom Italia to explore a sale of TIM, but the debt-laden Italian telco has been reluctant to cut its ties with a major growth market.
Friday, Jan 39:29 AM|Friday, Jan 39:29 AM| Comment!
Wednesday, Dec 182013, 1:15 PM
Wednesday, Dec 182013, 1:15 PM| Comment!
- Reuters reports Brazilian antitrust regulator Cade has given Telefonica (TEF +0.6%) 18 months to lower its presence in the country, either by selling its indirect stake in TIM Participacoes (TSU -0.5%) or by finding a partner for local subsidiary/#1 Brazilian mobile carrier Vivo (VIV -2.5%).
- Telefonica has been pushing Telecom Italia (TI -0.3%) to sell TIM, and so has another minority investor, BlackRock. However, the Italian telco has been loathe to pull the trigger. Sources tell Reuters Telefonica wants to split up TIM's assets between Vivo and fellow Brazilian rivals America Movil (AMX -0.1%) and Oi (OIBR -1.9%).
- A banker talking with the news service thinks Cade's lengthy timetable will result in Telefonica taking its time to unload TIM. "If I had to bet on something, I would expect them to wait until the first half of 2015." Brazil's presidential election takes place in Oct. '14, and that could bring a change in the regulatory climate.
Monday, Dec 22013, 9:21 AM
Monday, Dec 22013, 9:21 AM| Comment!
- Telecom Italia (TI) denies media reports that there are ongoing contacts with potential buyers for the sale of its TIM Brazil (TSU) unit: "Telecom Italia wishes to make clear that the rumors of presumed plans for the deconsolidation and/or total or partial valuation of the Brazilian asset, described and repeated by journalists, pundits and analysts are inferences wholly without foundation."
- The company once again stressed the "strategic importance" of the Brazilian ops. Speculation has swirled for some time that TI may sell the entire Brazilian unit, with some analysts seeing the Italian parent's constant rejection of the rumors as a bargaining ploy.
- A Bloomberg report last week added a new possibility to the M&A speculation, claiming that TSU has retained Morgan Stanley to divest 7K mobile towers.
- TI shares are 1.7% lighter in Milan trading.
Wednesday, Nov 272013, 1:27 PM
Wednesday, Nov 272013, 1:27 PM| 1 Comment
- Bloomberg reports Telecom Italia's (TI +0.2%) Brazilian unit (TSU -0.5%) is partnering with Morgan Stanley to find potential buyers for its 7K mobile towers, and that TI proper is "analyzing internally" how to unload its 12K Italian towers.
- American Tower (AMT -0.2%) is named as a potential bidder for the Brazilian assets, which one source thinks could fetch €700M ($951M).
- The report comes as expectations grow TI will eventually sell TSU, in which it owns a 67% stake, altogether. Major TI shareholder Telefonica wants to see a Brazilian sale, but TI has said there's currently no sales process underway.
- AMT is only two months removed from announcing a $4.8B deal to acquire major U.S. tower owner Global Tower Partners. Before that, the company struck an $811M tower purchase/lease-back agreement with NII Holdings for over 4,400 Brazilian and Mexican towers.
- Muddy Waters has been quite critical of an older Brazilian tower purchase deal carried out by AMT.
Thursday, Nov 142013, 1:25 PM
Thursday, Nov 142013, 1:25 PM| 1 Comment
- Though it recently struck a deal that increases its stake in holding company Telco (owns a 22.4% stake in Telecom Italia) and paves the way for it to assume full ownership in time, Telefonica (TEF -1.1%) chairman Cesar Alierta says his company won't exercise an option to fully take over Telco next year. Alierta expects Telco's other shareholders to keep part or all of their stakes until Feb. '15, when the company's current shareholder agreement expires.
- He also rules out a merger between Telefonica and Telecom Italia (TI -0.9%), or a merger between Telecom Italia's Brazilian unit (TSU +1.3%) and rival/Telefonica-controlled carrier Vivo (VIV +0.2%); Brazilian regulators probably wouldn't be pleased with the latter deal.
- Alierta's comments come shortly after TI announced a €1.3B convertible debt offering that apparently has Telefonica's blessing, and on a day when S&P cut TI's debt rating to junk.
Wednesday, Nov 62013, 3:17 PM
Wednesday, Nov 62013, 3:17 PM| Comment!
- Sources tell Reuters that Telefonica (TEF +1%), fresh off reaching a deal to eventually take full control of holding company Telco's 22.4% Telecom Italia (TI +3.2%) stake, is set to give its approval to a series of moves meant to improve TI's balance sheet.
- In addition to a sale of TI's 67%-owned Brazilian unit TIM (TSU -2%), ideas on the table are said to include a €2B ($2.7B) capital raise, a dividend cut, and the sale of TI's Argentine unit (TEO -5.1%) and Italian mobile towers.
- No imminent decision is expected regarding the sale of TIM. Brazilian regulators, opposed to selling TSU in full to a rival carrier, are reportedly coming around to the idea of allowing it to be sold piecemeal to them, rather than demanding a sale to an outside party.
- Reuters add "insiders" are concerned Telefonica will unload its TI stake once the TIM sale is finished. Telefonica has been busy trying to pare its debt load by shedding assets in slow-growing European markets, as evidenced by the recent sale of its Czech unit.
- Meanwhile, the EU has opened an antitrust investigation into the €850M sale of Telefonica's Irish unit (O2 Ireland) to rival Hutchison. A decision will be made by March 24, 2014.
Wednesday, Oct 92013, 2:36 PM
Wednesday, Oct 92013, 2:36 PM| Comment!
- Following a Bloomberg report indicating Telecom Italia (TI +7.8%) is looking to sell its 67% stake in Brazilian mobile carrier TIM Participacoes (TSU +6.8%) for €9B or more, the company has announced there's no sale process ongoing for the TIM stake.
- TI shares are halted. TIM has fallen a bit on the announcement, but still remains up strongly today; that suggests investors still consider a sale a matter of time.
Wednesday, Oct 92013, 1:32 PM
Wednesday, Oct 92013, 1:32 PM| Comment!
- 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.
Monday, Oct 72013, 5:32 PM
Monday, Oct 72013, 5:32 PM| 1 Comment
- A source tells Bloomberg Vodafone (VOD) is uninterested in acquiring TIM Participacoes (TSU), Telecom Italia's (TI) Brazilian unit.
- There had been speculation Vodafone, set to be flush with Verizon Wireless cash, would make a bid for TIM, which TI is looking to unload following the Telefonica/Telco deal and the resignation of CEO Franco Bernabe (who wanted to hold onto Tim). AT&T is viewed as another potential acquirer.
- Meanwhile, Egyptian billionaire Naguib Sawiris, who once wanted to buy a stake in TI, now has a 1.2M-share short position in the Italian carrier. Reuters reports Sawiris believes TI will soon be hit by a credit downgrade - S&P just put the Italian carrier on watch for one - and considers it unlikely TI will be able to sell TIM before needing to raise fresh capital.
Wednesday, Sep 252013, 1:25 PM
Wednesday, Sep 252013, 1:25 PM| Comment!
- At a parliamentary hearing in Rome, Telecom Italia (TI -4.8%) reiterated his opposition to a sale of the company's Brazilian and Argentine assets, at least over the near-term. Bernabe argued selling the units, responsible for 40% of TI's 2012 revenue, would hurt the carrier's international profile.
- TIM (TSU -4.8%), TI's Brazilian unit, is joining TI in selling off after rallying yesterday. A downgrade to Hold from Stifel could be contributing to the losses. Telecom Argentina (TEO +0.3%), in which TI owns an indirect 37% stake, is up slightly.
- Bernabe's remarks come a day after Telefonica (TEF +0.8%) announced a deal that could let it eventually take full control of holding company Telco and its 22.4% TI stake. Telefonica, whose Brazilian unit (VIV -2.9%) competes with TIM, is widely believed to be pushing TI to sell TIM to shore up its balance sheet and appease regulator Anatel (previous).
- Bloomberg reports Anatel would prefer TIM be sold in full rather than have its assets sold piecemeal. That could translate into a sale into a major foreign carrier such as Vodafone or AT&T, which in turn would spell tougher competition for Telefonica and fellow Brazilian carriers Oi (OIBR -9.6%), America Movil (AMX), and NII Holdings (NIHD +1.1%).