Small shareholders at Telecom Italia on Tuesday called on the Italian phone group's board to consider a potential merger between its Brazilian unit TIM Participa��es SA and Brazil's Grupo Oi SA . Shareholder group Asati, which says it represents around 6,000 small Telecom Italia investors with a combined stake of around 1 percent, said in a letter to the board that such a deal could include a "modest" capital increase.Asati also said that should a merger between TIM and Oi not come about, no offer for the unit should be considered if it values TIM at less than 8.5 times its core earnings.Sources with direct knowledge of the matter told Reuters on Friday that Oi, Mexico's America Movil and Spain's Telefonica agreed to place a joint bid worth around 32 billion reais ($12.8 billion) for TIM Participa��es.Oi said on Monday it had not entered into any agreement to join a group of rivals to purchase Telecom Italia's stake in TIM.
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 11.11% or $-0.061/share to $0.49. In the past year, the shares have traded as low as $0.40 and as high as $1.97. On average, 11928800 shares of OIBR exchange hands on a given day and today's volume is recorded at 8517066.
Shares of OIBR-C fell by 11.4% or $-0.065/share to $0.50. On average, 0 shares of OIBR-C exchange hands on a given day and today's volume is recorded at 726416.
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