Oi cannot vote in Portugal Telecom GM on Altice deal

jueves 22 de enero de 2015 11:06 GYT

LISBON Jan 22 (Reuters) - Brazil's telecom group Oi , Portugal Telecom's merger partner and a leading shareholder, will not be able to vote in Thursday's shareholder assembly to approve the sale of PT's former operations to Altice, the chairman of the meeting said.

Antonio Menezes Cordeiro, who has been opposed to the sale and the continuation of the merger between Portugal Telecom and Oi, said Oi will not vote due to conflict of interests under Portuguese law.

Portugal Telecom stocks soared around 20 percent on Thursday and Oi was up 13 percent in a sign of growing confidence that Portugal Telecom SGPS shareholders would approve the 7.4 billion euros asset sale to Altice later in the day. (Reporting By Daniel Alvarenga, writing by Andrei Khalip, editing by Axel Bugge)