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Wednesday, August 27, 2014

Deals of the day- Mergers and acquisitions, (NYSE: OIBR)

The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Wednesday:** Brazil's Grupo Oi SA unveiled plans to take over Telecom Italia's local mobile unit, in a move sources said was aimed at breaking up the country's second-biggest wireless carrier and upstaging merger offers by foreign rivals.Oi said it hired Brazilian investment bank and shareholder Grupo BTG Pactual SA to explore alternatives to acquire Telecom Italia SpA's 67 percent stake in TIM Participa��es SA, the country's second-biggest wireless carrier.

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 traded higher by 10.44% or $0.0591/share to $0.63. In the past year, the shares have traded as low as $0.51 and as high as $2.34. On average, 16022200 shares of OIBR exchange hands on a given day and today's volume is recorded at 23650720.