Terra Peregrin Changes Bid Conditions for Portugal Telecom SGPS
18 November 2014 - 10:56PM
Dow Jones News
By Rogerio Jelmayer
SAO PAULO--Terra Peregrin, an investment vehicle controlled by
Africa's richest woman, changed certain conditions of its bid worth
EUR1.21 billion ($1.5 billion) to take over Portugal Telecom SGPS
(PT), a company that has a 25% stake in Brazilian telecom operator
Oi SA (OIBR).
Terra Peregrin made the offer earlier this month but imposed
certain conditions that Oi considered unacceptable.
Terra Peregrin said it has now made certain changes to turn its
offer more favorable to the recipient.
Ms. Dos Santos's interest in controlling the Lisbon-based
company is unclear. But a successful bid might complicate Oi's
plans to sell its Portuguese telecommunications assets, since
Portugal Telecom SGPS has veto rights on any such sale.
Oi's press officials weren't immediately available for
comment.
Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com
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