August 10, 2016 / 12:12 PM / 2 years ago

Brazil's Oi sets shareholder meeting on investor proposals

SAO PAULO, Aug 10 (Reuters) - Oi SA has scheduled a Sept. 8 shareholders’ meeting to vote on proposals by minority investor Societé Mondiale, the bankrupt Brazilian phone carrier said in a securities filing late on Tuesday.

The shareholders will vote on Societé Mondiale’s proposal to replace six of the nine members of Oi’s board, including five appointed by majority owner Pharol SGPS SA, formerly called Portugal Telecom.

Societé Mondiale, a fund controlled by Brazilian investor Nelson Tanure, is also proposing to annul the March 2015 shareholders meeting, which gave final approval to the merger between Oi and Portugal Telecom.

The investor also wants the company to seek damage claims against former managers and Banco Santander Brasil SA , which advised Oi on the merger.

Oi filed for bankruptcy protection in June. (Reporting by Tatiana Bautzer; Editing by Lisa Von Ahn)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below