Brazil competition regulator signals ‘complex’ path for Oi sale approval By Reuters

July 23, 2021 admin Stock News 0

© Reuters. FILE PHOTO: The logo of Brazilian telecoms company Oi SA is pictured inside a store in Sao Paulo, Brazil July 18, 2018. REUTERS/Paulo Whitaker

SAO PAULO (Reuters) – The superintendence of Brazil’s competition regulator Cade said on Friday it viewed an asset sale by Brazilian telecom Oi SA (OTC:) as “complex,” suggesting that TIM, Telefônica Brasil and América Móvil’s Claro may struggle to wrap up a quick sale.

The three companies won an auction to buy Oi’s mobile network operations for 16.5 billion reais ($3.17 billion) in December, pending regulatory approval, after Oi filed for bankruptcy protection in 2016.

The decision by Cade’s superintendence informs whatever final move the full board of the regulator may give.

($1 = 5.2006 reais)

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