Brazil's Oi SA said on Thursday that before they combined assets, Portugal Telecom SGPS SA did not disclose an investment in the holding company of a key shareholder under investigation in Luxembourg.Oi said it would defend its interests as it pressed for more information, reflecting a growing gulf between the telecommunications companies in the midst of a drawn-out merger.Portugal Telecom said it was intent on resolving questions over the acquisition of 897 million euros ($1.22 billion) in debt from Rioforte, which is held by one of the Portuguese company's biggest shareholders, the Espirito Santo banking family.The investment in the debt of one of the family's holding companies became an issue after the group came under investigation in Luxembourg for irregularities.
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 5.94% or $-0.0475/share to $0.75. In the past year, the shares have traded as low as $0.76 and as high as $2.34. On average, 15823700 shares of OIBR exchange hands on a given day and today's volume is recorded at 28612496.
Portugal Telecom SGPS SA (Portugal Telecom) is a Portugal-based holding company primarily engaged in the telecommunications sector. Shares of PT fell by 4.48% or $-0.15/share to $3.20. In the past year, the shares have traded as low as $3.41 and as high as $5.09. On average, 877171 shares of PT exchange hands on a given day and today's volume is recorded at 1840676.
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