Reports say that a proposed US$7.7bn bid for Telecom Italia’s unit in Brazil by the America Movil operation controlled by Carlos Slim is not enough. The politicians in Brazil are eager to oppose both America Movil and its obvious rival candidate, Telefónica of Spain. Both are cellular institutions in Latin America. There are not many others.

In line with Brasilia’s wishes, an alternative short-list of willing purchasers for the TI stake would comprise Spiderman, The Incredible Hulk, the Pillsbury Doughboy and Virgil from Thunderbirds. Backed, inevitably, by KKR, Blackstone and Permira.

Look, TI’s stake in Brazil’s cellular market is worth US$10bn. America Movil will eventually pay near enough to that sum (we told you so: click here). Telefónica can not and will not. Can we all go home now?
Jim Chalmers