Brazil's state development bank BNDES lashed out at Portugal Telecom SGPS SA over a debt deal souring relations with Grupo Oi SA, highlighting the mounting pressure threatening their planned tie-up.BNDES said on Tuesday that recent bond investments by Portugal Telecom are "inconsistent with minimum standards of good corporate governance." The bank said it is pressing for more information as it aims to protect the interests of Oi shareholders, including itself.Oi said last week that Portugal Telecom did not make a timely disclosure of its investment in Rioforte, which is held by a key shareholder under investigation in Luxembourg.Preferred shares of Oi tumbled nearly 6 percent, extending a 17 percent loss over the past month. Portugal Telecom dropped 5.1 percent in Tuesday trading.
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 5.63% or $-0.0431/share to $0.72. In the past year, the shares have traded as low as $0.75 and as high as $2.34. On average, 16921700 shares of OIBR exchange hands on a given day and today's volume is recorded at 26216434.
Portugal Telecom SGPS SA (Portugal Telecom) is a Portugal-based holding company primarily engaged in the telecommunications sector. Shares of PT fell by 4.85% or $-0.15/share to $2.94. In the past year, the shares have traded as low as $3.06 and as high as $5.09. On average, 948869 shares of PT exchange hands on a given day and today's volume is recorded at 1544415.
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