Telefonica said that it is still waiting to see the official complete terms of Brazilian antitrust regulator Cade’s recent decision regarding TIM Brasil and its Vivo mobile subsidiary.

As a result, the operator “has not decided yet which course of action to take in relation to these recent rulings”, according to a statement it sent to Spanish and Italian financial market regulators.

Last week Cade said Telefonica either needed to arrange the sale of its interest in TIM Brasil or find a new shareholder for its Vivo business following Telefonica’s announcement in September that the operator is building its stake in Telco, the consortium which controls Telecom Italia.

However, so far Telefonica said it has only seen a public version of the Brazilian regulator’s decision which does not disclose any of its confidential aspects, such as timings for when any divestment would have to be made or when its fine has to be paid. Cade also imposed a BRL15 million ($6.5 million) fine on Telefonica last week.

In addition, Reuters has reported that Cade has not ruled out a breakup of TIM Brasil into individual units that would then be sold to local rivals. Last week the regulator said TIM Brasil could not be sold entirely to a single rival.

However, the board of Telecom Italia is not considering any such plan, according to comments made by CEO Marco Patuano, reported by Reuters. “The board is not studying any break-up of TIM Brasil. I will never grow tired of repeating that it is for us a strategic company,” he said.