SAO PAULO -(Dow Jones)- Italian phone company Telecom Italia SpA (TIT.MI, TI, TIA) denied Monday it is planning to sell some of the shares in its Brazilian mobile phone subsidiary, TIM Participacoes SA (TIM3.BR, TSU). "Telecom Italia doesn't plan to sell any part of its direct or indirect stakes in TIM Brasil and isn't working on any such hypothesis," TIM said in a statement to the Brazilian securities commission, CVM. Brazilian financial newspaper Valor Economico reported in its Monday edition that Telecom Italia was planning to raise up to 3 billion Brazilian reais ($1.8 billion) from the sale of shares in TIM Participacoes. It said Telecom Italia owns 67% of the shares in TIM Participacoes. Shares in the Brazilian unit were the heaviest losers in Monday's morning session, falling 5.8% to BRL8.90. -By Matthew Cowley, Dow Jones Newswires; +55 11 3544 7082; matthew.cowley@dowjones.com
