Oi to Resume Investments as Holders Approve Restructuring
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Tele Norte Leste Participacoes SA plans to resume investments and establish a new dividend policy after shareholders today approved a plan to simplify the structure of Brazil’s second-largest telecommunications company by revenue.
Telemar Norte Leste SA, Brasil Telecom SA and Tele Norte Leste shareholders submitted their votes in separate meetings this morning in a fourth attempt to alter the structure of the group, which operates under the Oi brand. Minority shareholders had vetoed the three previous proposals.