Oi minority shareholders move to block vote on merger with PT

25 Mar 2014

Minority shareholders in the Brazilian mobile operator Oi are attempting to block a planned shareholder assembly in an attempt to stop a vote on the proposed merger between Oi and its largest investor, Portugal Telecom (PT). According to a report from Reuters, the group, led by Tempo Capital, has petitioned Brazil’s Securities Market Commission CVM to step in and stop the meeting which is planned for 27 March, claiming that larger shareholders do not have the right to vote on the merger. Minority shareholders say the terms of the deal favour larger shareholders and that smaller investors will lose out through the dilution of their interests.

Brazil, Oi, Pharol (formerly Portugal Telecom SGPS [PT SGPS])