What is the merger of TIM Celular by TIM Participaes?

As per resolution of TIM Participaes and TIM Cels shareholders, at respective Extraordinary General Meetings held on March 16, 2006, the merger of all shares issued by TIM Cel into TIM Participaes assets and liabilities was approved, pursuant to the Protocoll and Justification for the Merger of Shares entered into between the companies on January 31, 2006, converting TIM Cel into a wholly-owned subsidiary of TIM Participaes.

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