In the wake of recent media reports saying that Telecom Italia (TI) is considering plans to take control of Brazilian-owned Oi SA, the Milan-based giant has submitted a securities filing through its Brazil unit TIM Participacoes (TIM Brasil) denying that it is in talks with Oi over a deal. Shares in the latter surged on the stock market after media speculation grew suggesting that TI was considering a takeover of Oi to counter Spain’s Telefonica in Latin America’s biggest telecoms market.

As reported by CommsUpdate yesterday, Bloomberg claimed that TI has apparently approached a number of financial advisers about a plan to acquire Brazilian-owned operator Oi through TIM Brasil, although sources who asked not to be identified as the discussions are private, said that no formal approach has been made at this time.