A group of Brazilian telecommunications companies is ready to make a bid for wireless carrier TIM Participa��es SA in the short term, a source with knowledge of the situation told Reuters, after Oi SA secured shareholder approval for the sale of its Portuguese assets.Shareholders at merger partner Portugal Telecom SGPS approved the 7.4 billion euro ($8.3 billion) sale to Altice SA on Thursday despite stiff opposition from a minority of shareholders.With that hurdle cleared, said the source Oi and the Brazilian units of Mexico's America Movil SAB and Spain's Telefonica SA can move ahead with a joint offer for TIM, coordinated by investment bank Grupo BTG Pactual SA.A firm offer would culminate more than a year of negotiations as Brazil's four biggest telecoms jockey for position in a stagnant wireless market where costly investments are squeezing profits.
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 remained unchanged at $2.90. In the past year, the shares have traded as low as $0.40 and as high as $18.50. On average, 1866460 shares of OIBR exchange hands on a given day and today's volume is recorded at 10250.
Shares of OIBR-C remained unchanged at $3.02. On average, 0 shares of OIBR-C exchange hands on a given day and today's volume is recorded at 0.
Telefonica SA is a Spain-based company active in the telecommunications and digital services sectors. Shares of TEF remained unchanged at $14.56. In the past year, the shares have traded as low as $13.27 and as high as $17.51. On average, 1554290 shares of TEF exchange hands on a given day and today's volume is recorded at 0.
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