TELEFONICA has denied it was involved in looking at making a joint offer for Telecom Italia’s Brazilian wireless network operator TIM Brasil.

Shares in Telecom Italian were lifted on Friday by an Italian press report saying Telefonica was looking to set up a vehicle with Brazilian market rivals America Movil and Oi to take over TIM Brasil and break it up.

“Telefonica would like to clarify that it is not part of any such vehicle and it has no details of any kind on any such potential transaction to disclose to the public for market evaluation,” the Spanish telecoms company said in a statement to Spain’s stock market regulator.

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