Reuters logo
Shares of Brazil's Oi soar as Portugal Telecom vote nears
January 22, 2015 / 12:50 PM / 3 years ago

Shares of Brazil's Oi soar as Portugal Telecom vote nears

SAO PAULO, Jan 22 (Reuters) - Preferred shares of Brazilian telecom Oi SA jumped over 20 percent in early Thursday trading in a sign of growing confidence that shareholders at merger partner Portugal Telecom SGPS would approve an asset sale later in the day.

Oi executives have argued the 7.4 billion euro ($8.6 billion) sale of Portuguese assets to Altice SA is crucial to shoring up its balance sheet and making big deals in Brazil, but shareholder concerns pushed the vote back 10 days.

$1 = 0.86 euros Reporting by Brad Haynes

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below