Brazil's Oi to continue evaluating consolidation options

jueves 25 de febrero de 2016 07:34 GYT
 

SAO PAULO Feb 25 (Reuters) - Oi SA, Brazil's No. 4 wireless carrier, will keep evaluating consolidation options, after London-based investment firm LetterOne Holdings SA decided on Thursday to scrap a plan to facilitate a merger between the Brazilian company and a rival.

In a securities filing, Rio de Janeiro-based Oi pledged to continue with plans to streamline the size of operations, improve technology and infrastructure and revamp sales strategies.

LetterOne, which is controlled by Russian billionaire Mikhail Fridman, had vowed to pour $4 billion into Oi SA should it merge with larger rival TIM Participações SA. TIM is controlled by Telecom Italia SpA.

"In the face of this notification, Oi will continue to analyze the possibilities of consolidation in the Brazilian market," the filing quoted Chief Financial Officer Flavio Nicolay Guimarães as saying. (Reporting by Guillermo Parra-Bernal; Additional reporting by Maria Kiselyova in Moscow; editing by Susan Thomas)