Jan 3 (Reuters) - Brazilian stocks rose on Friday as shares of telecommunications firms soared on a report of a potential takeover in the sector, while equities in Mexico dipped. Mexican stocks have fallen from an eight-month high while Brazilian shares have been trading in a narrow range since recovering from a more than three-month low hit last month. * Brazil's benchmark Bovespa stock index gained 1.27 percent to 50,981.09 but ended the week down 0.6 percent. * Shares of Brazilian telecommunications firm TIM Participações SA jumped 10.7 percent, the most in more than three years, following a report that Spain's Telefonica was readying a takeover offer with two rivals. * Italian daily Il Sole 24 Ore reported on Friday that the Spanish telecoms group was looking to set up a vehicle with Mexico's America Movil and Brazil's Grupo Oi SA to take over TIM Participações, the Brazilian affiliate of Telecom Italia. * Shares of Telefonica Brasil SA shares advanced 2.51 percent. Grupo Oi preferred shares soared 17.43 percent, its biggest one-day gain in more than five years. * In Mexico, shares of billionaire Carlos Slim's America Movil were little changed, up 0.07 percent. * Mexico's IPC index slipped 0.29 percent as the index fell for the third straight session off an eight-month high. * Mexican stocks have been supported by optimism about an ambitious energy reform that capped a year of other major economic legislation, while Brazil has suffered from sluggish growth, rising inflation and concerns of a credit downgrade. * The IPC was dragged down Friday by a 1.69 percent loss in miner Grupo Mexico. * Others commodities firms fell around the region on Friday as well. Brazilian iron ore miner Vale SA lost 1.57 percent and state-run oil company Petroleo Brasileiro SA , known as Petrobras, shed 1.97 percent. * Less U.S. monetary stimulus and slower growth in China is expected to hurt commodities prices this year.