Bloomberg News

Oi Share Swap Ratios to Be Voted February 27

January 26, 2012

(Corrects to say swap ratios were announced in August in second paragraph.)

Jan. 26 (Bloomberg) -- Tele Norte Leste SA, Brazil’s largest telephone company that operates under the Oi brand, plans to vote its proposal of ratios for the share swap in its restructuring plan in a shareholder meeting on Feb. 27, according to a regulatory filing.

Under the proposal, which was announced in Aug. 29, each Tele Norte Leste Participacoes’s common share will receive 2.3122 Brasil Telecom SA’s common shares. Tele Norte Leste Participacoes’s preferred stock will be exchanged for 1.9262 Brasil Telecom’s preferred shares and 0.1879 of Brasil Telecom’s common shares.

Telemar Norte Leste SA’s common share will be exchanged for 5.1149 Brasil Telecom’s similar stocks. Telemar Norte Leste’s class A and B preferred stock will be swapped by 0.3904 Brasil Telecom’s common shares and 4.0034 Brasil Telecom’s preferred stock.

To contact the reporter on this story: Katerina Petroff in Sao Paulo at kpetroff@bloomberg.net

To contact the editor responsible for this story: Helder Marinho at hmarinho@bloomberg.net


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