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América Móvil denies talks with Telefónica, Telecom Italia over Oi bid

América Móvil SAB de CV is not in talks with Spain's Telefónica SA and Telecom Italia SpA about a potential joint bid for Brazilian telecom operator Oi SA, Reuters reported Oct. 7, citing Arturo Elias Ayub, America Movil's director of communications.

Ayub's statement came in response to Spanish newspaper Expansión, which cited sources to report that the three companies were in talks to buy Oi assets. Oi's shares went up following the report, according to Reuters.

Oi is reportedly in discussions with Telefónica and Telecom Italia for the sale of its mobile network to avoid insolvency. It is also said to be in preliminary talks with AT&T Inc.

China's Huawei Technologies Co. Ltd. earlier denied reports it may team up with China Mobile Ltd. to bid for Oi.