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Monday, July 14, 2014

Brazil minister sees Oi revisiting Portugal Telecom merger terms, (NYSE: OIBR)

Shareholders of Grupo Oi SA are likely to revisit terms of a merger with Portugal Telecom SPGS SA if the latter's debt investments with troubled Banco Esp�rito Santo SA end up in default, Brazilian Communications Minister Paulo Bernardo said on Monday. Shareholders of the Brazilian telecommunications company, which include state development bank BNDES, could also seek to revisit the stakes that partners would have in the combined company in the event of a default, Bernardo said.

Oi SA, formerly Brasil Telecom SA, is a Brazil-based holding company engaged in the provision of Switched Fixed-line Telephony Services (STFC) domestically and internationally. Shares of OIBR fell by 3.94% or $-0.0276/share to $0.67. In the past year, the shares have traded as low as $0.63 and as high as $2.34. On average, 19320900 shares of OIBR exchange hands on a given day and today's volume is recorded at 32400232.