PT moves to scotch rumours it is keen to buy into Oi

21 Jul 2010

Portugal Telecom (PT) has acted swiftly to refute recent press speculation suggesting it has signed some form of pre-agreement deal to buy a stake in Brazilian telecoms operator Oi. The Portuguese firm’s statement comes in the wake of an article in Spanish newspaper El Economista which, as reported by CommsUpdate yesterday, claimed PT could agree to sell its 50% stake in Vivo to Telefonica ‘within days’ after committing to buy into fourth-placed Oi. The Spanish financial paper cited unnamed sources as saying PT has signed a pre-agreement with Oi valid until the end of next week to buy a stake once it has sold its part in Brasilcel, the joint venture through which Telefonica and PT control Vivo. El Economista however, did not state the size of the Oi stake or give further details of who had agreed to sell it.

Brazil, PT Portugal (MEO)