Deals
Portugal Telecom, Oi Fall as Espirito Santo Debt Trips Alarm
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Portugal Telecom SGPS SA and Brazil’s Oi SA tumbled in trading today on concern that their merger will be undermined by its purchase of short-term debt from the troubled Espirito Santo group.
The Portuguese carrier’s stock dropped 6.8 percent to a record low of 1.86 euros. Oi, based in Rio de Janeiro, plummeted 14 percent to 1.42 reais, an all-time low, in Sao Paulo trading.