Oi rejects bid for GVT

News Broadband Brazil 19 NOV 2012
Oi rejects bid for GVT
Brazilian operator Oi has issued a statement saying it does not plan to make a bid for GVT, the Brazilian operator owned by Vivendi. This follows a report in a Brazilian paper claiming the company was considering the acquisition. Oi said that it looks at all business opportunities, but in GVT's case, the right financial conditions are not in place. According to Portuguese investment bank BPI, this will prove a relief to investors in Portugal Telecom, which has a 25 percent stake in Oi. The acquisition of GVT would require a huge financial commitment and jeopardize the level of dividends paid by the company, the analysts told Reuters.

Categories:

Fixed

Companies:

GVT,  Oi,  Portugal Telecom,  Vivendi

Countries:

Brazil,  Portugal

Tags:

Internet Access, M&A buyouts & divestments

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