STOCKS NEWS EUROPE-Tel. Italia up on Brazil merger report

Tue Feb 9, 2010 1:43pm GMT

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Telecom Italia SpA (TLIT.MI) rises more than 2 percent, boosted by report in Brazil's O Globo newspaper that it and Spain's Telefonica SA (TEF.MC) will announce a merger at the end of February or early March.

"The stock has been sought after in recent days and today there is a kind of positive attitude towards this kind of (merger) option, which has been relaunched by O Globo," a trader says.

The DJ Stoxx telecoms index .SXKP is 0.69 percent lower.

Telefonica Chairman Cesar Alierta said last week that his company was focused on getting the most out of its relationship with Telecom Italia, pouring cold water on merger speculation. [ID:nLDE61606F]

Reuters Messaging rm://stefano.rebaudo.reuters.com@reuters.net

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