Oi shareholders approve capital hike, Portugal Telecom appraisal

RIO DE JANEIRO, March 27 Thu Mar 27, 2014 10:21am EDT

RIO DE JANEIRO, March 27 (Reuters) - Shareholders of Brazilian telecommunications company Grupo Oi SA on Thursday approved a capital increase needed to combine with Portugal Telecom SA SGPS.

In a vote that took place in Rio de Janeiro, where Oi is based, shareholders also approved an appraisal made by an investment bank of the value of assets of Portugal Telecom, a prerequisite for the planned combination of both companies.

Portugal Telecom and Oi have been discussing how to tie up since Portugal Telecom bought 25 percent of Oi in 2010. (Reporting by Luciana Bruno; Writing by Guillermo Parra-Bernal; Editing by Jeffrey Benkoe)

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