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Spain’s Telefonica SA is in talks to sell its stake in Telecom Italia in a move that could ease regulatory pressure in Brazil’s wireless market. Telefonica is negotiating a deal with investment funds to sell its stake in Telecom Italia, without saying how it obtained the information. Telefonica is left with a nearly 15 percent direct stake in the Italian company after fellow investors voted to dismantle their controlling bloc. Brazil’s antitrust watchdog, Cade, has been pressing Telefonica since December to reduce its stake in Telecom Italia, whose Brazilian unit, TIM Participaçoes SA, competes directly with Telefonica Brasil.



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