Telefonica's Telecom Italia bid advances

Spain's Telefonica received approval--with a list of 28 conditions to be met--from Brazilian regulator Anatel for Telefonica's $5.8 billion bid to buy a 24% stake in Telecom Italia SpA, the company that owns Telecom Italia, an investment that would give Telefonica a 10% stake in its Italian telco rival.

If you're wondering why the Brazilians got involved at all in a deal that sounds plenty confusing without them, it's because Telefoncia and Telecom Italia are the top two players in Brazil's mobile industry, through their respective controlling investments in the top two mobile carriers there. Anatel's consideration of the deal had been delayed before, and this is believed to be the final step needed to complete the investment.

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