Portugal Telecom issued a statement saying it has no plans to take control of or make an offer for the rest of Brazilian operator Oi. The Portuguese operator said that, together with Oi’s controlling shareholders, it “regularly review proposals which may enhance operational performance and governance to extract additional synergies especially in the areas of engineering, network, technology, innovation and services“.

The statement follows a report in the Portuguese daily Sol, which said that a possible merger of Portugal Telecom and Oi is being examined by the management teams of both companies. The report said that Portugal Telecom CEO Zeinal Bava is “the best positioned candidate” to lead the project.

Brazil magazine Veja reported that the Jereissati and Andrade families were in talks to sell Oi for BRL 2 billion (USD 985 million). Carlos Jereissati and Sergio Andrade would each sell a stake of 19.35 percent in Oi, the report said without naming its sources.