Brazil Open to Portugal Telecom Staying in Country, Diario Economico Says

The Brazilian government is open to the idea of Portugal Telecom SGPS SA continuing to be active in the Latin American country, Diario Economico reported, citing an unidentified person in the Portuguese government.

Portuguese Prime Minister Jose Socrates wants Portugal Telecom to remain in Brazil, the Portuguese newspaper said.

Lisbon-based Portugal Telecom yesterday said it hasn’t signed any pre-agreement or agreement with the objective of acquiring a stake in Tele Norte Leste Participacoes SA of Brazil, known as Oi. The Portuguese government on June 30 blocked Telefonica SA’s 7.15 billion-euro offer for Portugal Telecom’s stake in a venture that controls Vivo Participacoes SA, Brazil’s largest wireless operator.

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