Brazil's Oi receives proposal from LetterOne for tie-up with rival
SAO PAULO Oct 26 (Reuters) - Oi SA, Brazil's No. 4 wireless carrier, received on Friday a proposal by investment firm LetterOne Group to pursue a potential combination with rival TIM Participações SA.
In a securities filing early on Monday, LetterOne would be willing to invest as much as $4 billion into Rio de Janeiro-based Oi should the transaction with TIM take place.
LetterOne, which is controlled by Russian billionaire Mikhail Fridman and mainly invests in energy and technology, had about $25 billion under management as of the end of last year. (Reporting by Guillermo Parra-Bernal and Alberto Alerigi Jr, editin by William Hardy)
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