Mergers and Acquistions News
Categories: Telecoms
November 28th 2008, 15:01PM
Oi Participacoes is on the verge of raising enough cash to take over rival Brasil Telecom, the firm claims.
According to Jose Luis Salazar, director of finance and investor relations at Oi, the money will be acquired through the issuance of 2 billion reais (£0.56 billion) worth of promissory notes, Reuters reports.
Speaking to the news provider, he said: "For the rest ... the cashflow of the company will be used."
According to Mr Salazar, the firm expects it will need around 13 billion reais in order to facilitate the takeover of Brasil Telecoms.
The move was made possible in October when the Brazilian telecommunications regulator approved new competition rules.
Final go ahead for any deal to go through will have to be given by the communications ministry and president Luiz Inacio Lula da Silva.
Recently, Carphone warehouse revealed that it could demerge its telecoms arm in an attempt to improve performance during these difficult times.
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