Brazilian development bank BNDES will sell its 14.5% stake in Tele Norte Leste Participacoes SA (TNE, TNLP4.BR), or Oi, via auction Thursday as part of a reorganization of the controlling group.

While the auction is notionally open to all comers, the shares in Brazil's largest telecommunications company will be directed towards state-company pension funds Petros and Funcef.

Portugal Telecom SGPS SA (PT, PTC.LB) has been linked to a bid for a minority stake in Oi, if it sells its interest in Vivo Participacoes SA (VIV, VIVO4.BR), Brazil's largest cellphone operator. However a Portuguese bid at the auction is seen as highly unlikely.

-By Alastair Stewart; Dow Jones Newswires; 5511 3544-7072; alastair.stewart@dowjones.com
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