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Portugal Telecom, Oi agree merger

2013-10-02 09:52:00| Telecompaper Headlines

(Telecompaper) Portugal Telecom and Brazilian operator Oi have signed a memorandum of understanding on a potential merger of the two operators. The new company would combine the activities of Oi in Brazil and Portugal Telecom in Portugal and Africa, consolidating the industrial alliance agreed by the operators in 2010. The companies expect operational and financial synergies of approximately BRL 5.5 billion from the merger. The new company CorpCo would be listed both on the Bovespa exchange in Brazil and Euronext in Lisbon, helping to increase liquidity and diversify the shareholder base. No single shareholder or group of shareholders would have a controlling stake. Zeinal Bava, CEO of Portugal Telecom from 2008 to 2013 and current CEO of PT Portugal and of Oi, will be CEO of the new company. On a prof forma basis, the merged group had pro forma revenues of BRL 37.5 billion in 2012, EBITDA of BRL 12.8 billion and operating cash flow of BRL 4.2 billion and served over 100 million customers.

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Electrical Contractors Urge Congress, Administration to Agree on Continuing Resolutions

2013-10-01 21:55:00| Electrical Construction & Maintenance

The National Electrical Contractors Association last week called on Congress to make every possible effort to avoid a federal shutdown. read more

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PSA Peugeot Citroën and General Motors agree on building B-MPVs in Zaragoza, Spain

2013-10-01 19:30:22| Green Car Congress

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Nine Automobile Parts Manufacturers and Two Executives Agree to Plead Guilty to Fixing Prices

2013-09-26 19:17:04| Auto Parts - Topix.net

"Today's charges should send a message to companies who believe they don't need to follow the rules," said Ronald Hosko, Assistant Director of the FBI's Criminal Division.

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Nenshi, CP agree to improve dialogue in wake of derailment

2013-09-25 16:56:17| Railroads - Topix.net

Canadian Pacific Railway officials met with Calgary Mayor Naheed Nenshi to discuss ways of improving dialogue in the wake of a derailment earlier this month during which there was confusion about what was in the tanker cars.

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