PT confirms Brazilian talks ended

6 Jun 2007

Portugal Telecom (PT) is no longer in negotiations with Brazil’s largest fixed line operator Oi (Telemar), PT confirmed yesterday in a statement to the Portuguese securities commission CMVM. ‘Portugal Telecom confirms that as a result of the resolution of its board of directors the company re-established preliminary contacts with Telemar shareholders to analyse possible business opportunities in the Brazilian market. Portugal Telecom informs that such contacts have ended,’ the statement read. Oi earlier released a statement dismissing a preliminary takeover offer from PT.

Brazil, Oi, PT Portugal (MEO)