Brazil Oi says in exclusive talks with LetterOne for merger with TIM

viernes 30 de octubre de 2015 07:29 GYT

SAO PAULO Oct 30 (Reuters) - Brazil's telecommunications group Oi SA said on Friday it entered in exclusive negotiations with investment firm LetterOne to merge with rival TIM Participações SA.

Oi said in a securities filing that LetterOne, controlled by Russian billionaire Mikhail Fridman, has accepted its proposal to remain in exclusive talks for seven months as of Oct. 23. Earlier this month, LetterOne had offered to pour up to $4 billion into Oi if it merges with TIM. (Reporting by Walter Brandimarte)