Brazil's Oi Reports 3% Stake In Portugal Telecom

Date : 03/15/2011 @ 7:39PM
Source : Dow Jones News
Stock : Tele Norte Leste Participacoes S.A. Common Stock (TNE)
Quote : 10.99  0.0 (0.00%) @ 2:05AM

Brazil's Oi Reports 3% Stake In Portugal Telecom

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LISBON (DJ Bolsa)--Portugal Telecom (PT, PTC.LB) said Tuesday that Brazilian peer Tele Norte Leste Participacoes SA (TNE, TNLP4.BR), or Oi, currently owns 3% of its share capital.

In a regulatory filing, Portugal Telecom said the transaction was part of a deal between Oi and Barclays PLC (BCS, BARC.LN), under which the bank would transfer close to 27 million shares to the Brazilian company until April 4. At Tuesday's closing price of EUR8.06, the 3% stake is worth EUR216.8 million.

According to Portuguese market rules, a company must disclose its stake in another entity when it reaches the 2% threshold.

In January, PT finalized a deal worth 8.32 billion Brazilian reais ($5 billion), which will see Oi acquiring up to 10% of the Portuguese telecom. According to the deal, which is expected to be completed in March, PT will own at least 22.38% of Oi, as well as a 12.1% stake in Telemar Participacoes, Oi's holding company.

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-Contributed by Carla Canivete of Webtexto to Dow Jones Newswires; +34-91-395 8120;


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