The independent firm appointed to advise minority shareholders on the proposed merger between Portugal Telecom (PT) and its Brazilian subsidiary Oi has recommended shareholders to approve the deal. While some of Oi’s minority investors have voiced concerns that the deal favours the telco’s larger shareholders and will dilute their own stakes, New York-based Glass Lewis & Co says the positives outweigh the negatives, Reuters reports. The combined entity – initially to be known as CorpCo – will have more influence in Brazil’s telecoms sector and this will boost its market value. The proposed merger has been given unanimous support by the boards of both Oi and PT. CorpCo is to be based in Rio de Janeiro and will have more than 100 million subscribers in Europe and Latin America, with annual revenues of around USD19 billion.