A group of telecommunications companies led by Oi SA looking to break up a rival in Brazil are still negotiating with each other and no bid for the target is imminent, a source with knowledge of the situation said on Wednesday. The source said Brazil's biggest fixed-line company, Oi , Telefonica SA of Spain and Mexico's America Movil SAB are still discussing how to purchase and split up TIM Participa��es SA.No bid price has been set, although in principle the group agreed in late October to pay at least 32 billion reais ($12.3 billion), said the source, who requested anonymity because the talks are private.Bloomberg News reported earlier on Wednesday that the consortium is poised to bid $15 billion for TIM, or about 40 billion reais, which would value the country's No.2 wireless carrier after Telefonica Brasil SA at 7.5 times annual operational income.The report, which cited an unnamed source, said the group would be willing to pay a 40 percent premium over TIM's current market value.
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 0.77% or $-0.0034/share to $0.44. In the past year, the shares have traded as low as $0.40 and as high as $1.97. On average, 10216400 shares of OIBR exchange hands on a given day and today's volume is recorded at 10515429.
Shares of OIBR-C fell by 6.12% or $-0.03/share to $0.46. On average, 0 shares of OIBR-C exchange hands on a given day and today's volume is recorded at 1677514.
Telefonica Brasil SA, formerly Telecomunicacoes de Sao Paulo SA - Telesp, is a Brazil-based company engaged in the telecommunications sector. Shares of VIV traded higher by 1.1% or $0.2/share to $18.37. In the past year, the shares have traded as low as $17.40 and as high as $22.50. On average, 1797400 shares of VIV exchange hands on a given day and today's volume is recorded at 2420612.
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