Portugal Telecom scoffs at rumours it is buying Telemar

31 May 2007

Portugal Telecom (PT) has denied press reports suggesting it has launched a bid to acquire Brazil’s largest fixed line operator Telemar (Oi). In a statement PT refuted a report in the Portuguese newspaper Diário Económico that it has prepared a EUR7 billion (USD9.4 billion) bid for Telemar.

Brazil, Oi, PT Portugal (MEO)