Wall Street Journal | March 16, 2011 | Carla Canivete
LISBON (DJ Bolsa)–Portugal Telecom (PT, PTC.LB) said Tuesday that Brazilian peer Tele Norte Leste Participacoes SA (TNE, TNLP4.BR), or Oi, currently owns 3% of its share capital.
In a regulatory filing, Portugal Telecom said the transaction was part of a deal between Oi and Barclays PLC (BCS, BARC.LN), under which the bank would transfer close to 27 million shares to the Brazilian company until April 4. At Tuesday’s closing price of EUR8.06, the 3% stake is worth EUR216.8 million.
According to Portuguese market rules, a company must disclose its stake in another entity when it reaches the 2% threshold.
In January, PT finalized a deal worth 8.32 billion Brazilian reais ($5 billion),
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