Brazilian phone carrier Oi SA is open to all options in a potential process of industry consolidation so long as the transaction helps it "create shareholder value," Chief Executive Officer Bayard Gontijo said on Friday. Rio de Janeiro-based Oi gained financial muscle to either take over or merge with a rival after shareholders in a Portugal-based subsidiary approved its sale late on Thursday, Gontijo said. Oi has no plans to raise funding for any merger, he added.
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 6.55% or $-0.19/share to $2.71. 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 10316075.
Shares of OIBR-C fell by 3.97% or $-0.12/share to $2.90. On average, 0 shares of OIBR-C exchange hands on a given day and today's volume is recorded at 528914.
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