A week after the acquisition of BCP by America Movil (Telecom Americas) was announced, analysts say they still can?t understand the agreement giving Telemar an option to buy a stake in BCP?s equity at some future date.
BBVA?s Jeffrey Noble, for example, wonders what Telemar could gain from the deal in quantitative terms. He also alludes to a rumor not many people in Brazil have heard, saying Carlos Slim, the controlling shareholder in America Movil, could be interested in taking over Telemar. One of the aims would presumably be to merge Oi, Telemar?s wireless arm, with Telecom Americas. ?But there?s no real basis to affirm that a deal of this kind will go through,? he adds.
Jacqueline Lison, an analyst with Fator Doria Atherino, doesn?t refer directly to the rumor but argues that Telemar?s option on BCP ?would make more sense if it were part of a broader deal with Telecom Americas, such as an association of the two groups? wireless operations throughout Brazil or even an equity stake for Telecom Americas in Telemar?.