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Oi rejects PT offer; Portuguese watchdog wants explanation.(BRAZIL)(Correios e Telecomunicacoes de Portugal EP)(Brief article)
Latin America Telecom, May, 2007
Brazilian fixed-line operator Oi (formerly Telemar) has dismissed a preliminary takeover offer from Portugal Telecom (PT). In a statement, the Brazilian carrier confirmed that its shareholders had been approached by the Portuguese firm but it was not holding talks either with the company or with any other financial or strategic investors.
Last week PT denied press rumors that it had made an approach to Oi, but later PT's Henrique Grandeiro confessed that discussions had taken place and that he was keen to strike a "friendly agreement" with Oi.
In a statement to the Portuguese securities commission, CMVM, PT stated, "Portugal Telecom confirms that as a result of the resolution of its board of directors the company re-established preliminary contacts...
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