The Brazilian government not only supported the merger of OI with Portugal Telecom and was relieved with the celebration of the union between the two companies .
There was great concern about the future of the Brazilian company and doubts about the ability of cash OI in the medium term .
Before the federal approval , two appointments were agreed with the Executive .
The first is a cap on the company through initial public offering ( the minimum threshold is $ 7 billion, but the target is $ 8 billion ) to expand infrastructure investment .
The second is to reduce its annual dividends to shareholders for U.S. $ 500 million - as , in fact , occurred in August after OI lose £ 124 million in the second quarter of this year.
There are about two months , the dome was the Dilma government sought to treat the merger . At the time , executives OI asked BNDES entered the business, but the proposal was promptly rejected by the President .
Internally , there was a fear of repeating mistakes made in 2008 , in the union of OI and Telecom Brazil to create a " supertele " Brazilian . The problem is that the operation , although private , was made possible largely by public funding , including funding from BNDES and state pension funds .
The deal also included push of President Lula , who authorized change in legislation to allow the creation of national giant . But the deal ended up bringing losses .
Of future multinational , the federal government expects a downsizing in the structure of OI considered very " bloated " , besides the implementation of a more austere management company , signed by the reduction of dividends and for more transparency in its decisions .
For the Ministry of Communications , Portugal Telecom is a small company, but has the technology to boost Brazilian .
The OI ranks fourth in the mobile phone market in the country and has the task of covering all of Brazil in wireline operations .
The indebtedness of the tele and fines imposed by Anatel ( National Telecommunications Agency ) for service failures always concern the Plateau that followed , closely, details of the negotiation .
Throughout the process , the two main government interlocutors were Zeinal Bava ( current president of OI and will command CorpCo ) and Otavio Azevedo , chairman of the board of directors of Telemar Participações , parent of OI
In line with the signal Brasilia , Azevedo undertook to advise the Communications Minister Paulo Bernardo , on Tuesday that the fact formalizing the merger would be released yesterday morning .