Brazilian telecoms operator Oi says it will continue buying up preferred shares issued by Brasil Telecom (BrT), either through direct trades or through public tender offers, reports BNamericas citing a company filing with the Sao Paulo stock exchange. The strategy will enable it to acquire up to one-third of BrT’s preferred stock currently in circulation, it said. Oi has already snapped up 13.6 million preferred shares in BrT Participacoes, equivalent to 5.92% of the total existing stocks, and 10.7 million preferred shares of Brasil Telecom, or 3.44% of the total. Late last month Oi’s controller Telemar successfully concluded negotiations for the acquisition of 22.28% of BrT parent company Brasil Telecom Participacoes for BRL5.86 billion (USD3.51 billion), which owns 65.64% of BrT’s total capital.
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