VENTURE CAPITAL POST

Consumer advocates push for more substantial compensation as Optus acknowledges failure.

Spain's Telefonica said it was not thinking of making a joint bid for TIM Brasil, the Brazil-based wireless network operator of Telecom Italia, Reuters reported.

Shareholders of Telecom Italia on Friday thwarted by a slim majority a proposal by rebel investor Marco Fossati to oust its board. Fossati, the third-largest shareholder in Telecom Italia, may consider pursuing a legal challenge.

Telecom Italia's activist investor Marco Fossati campaigned against the enforced sale of TIM Brasil. Brazil's competition regulatory body ruled earlier this week that Telecom Italia must divest its stake in the Brazilian mobile carrier.

Telefonica seeks to retain control over Telecom Italia through buyout of venture partners in Telco.

Mediobanca, one of the shareholders in Telco SpA who is the majority shareholder in Telecom Italia SpA, announced the cut in its stake in the holdings company, lowering the value of the shares of the telecommunications firm.

Telefonica is reviewing proposals to assist Telefonica Italia shareholders unload their shares, among other options as the company moves forward.