China Mobile (NYSE: CHL), the largest wireless carrier in China, is reportedly teaming up with tech giant Huawei in a joint takeover bid for Oi (OTC:OIBR.C), one of the largest telcos in Brazil, according to the Brazilian media outlet O Globo. However, Huawei subsequently denied that it was interested in Oi, while China Mobile hasn't commented on the matter.
Oi is Brazil's largest fixed-line carrier and fourth largest wireless carrier, but filed for bankruptcy protection in 2016 to restructure roughly 65 billion reais ($15.7 billion) in debt. The restructuring was completed last July, and Oi ended last quarter with 16.9 billion reais ($4.1 billion) in consolidated debt.
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